2017 Annual Report
Bangladesh- Marching Forward About ICC Bangladesh
International Chamber of Commerce (ICC) - e world business organization was founded in 1919 by a few visionary business leaders of Europe immediately a er the First World War; having its HQrs. in Paris. ICC has been promoting Free Market Economy, formulating various rules and guidelines for cross border trade and investment. ICC’s over 6 million member companies in over 130 countries have interests spanning in every sector of private enterprise. ICC works in close cooperation with national governments and multi-national institutions such as G-8/G-20, World Bank, WTO, Asian Development Bank, UNCTAD, OECD and several UN agencies for promotion, protection and development of world economy. e United Nations (UN) General Assembly on 13 December 2016 has granted Observer Status to the International Chamber of Commerce-the world’s largest business organization. e decision-taken by 193 members of the UN General Assembly during its 71st session in New York - is the rst time that a business organization has been admitted as an Observer at the UN General Assembly. Bangladesh National Committee of ICC, established in 1994, is comprised of major Chambers of Commerce & Industry, Business Associations, Stock Exchange, Banks, Non-banking Financial Institutions, Insurance Companies, Trans-national companies, Law Firms and large Corporate Houses having signi cant interest in international trade. e activities of ICC Bangladesh include promotion of foreign trade and investment, trade policy reviews, business dialogues, seminars & workshops both at home and abroad on related policy issues, harmonization of trade law & rules, legal reforms, updating businesses with the ICC rules & standards for cross border business transactions. ICC Bangladesh has so far organized following regional & international conferences. • 10-11 November 2000: ICC Asia Conference on “Investment in Developing Countries: Increasing Opportunities” organized in Dhaka was inaugurated by the Prime Minister of Bangladesh and attended by a number of high pro le dignitaries including the ai Deputy Prime Minister & WTO Director General Designate, ADB President, UN-ESCAP Executive Secretary and Chinese Vice Minister for Foreign Trade & Economic Cooperation. More than 250 participants from 24 countries participated in this event. • 17-18 January 2004: International Conference on “Global Economic Governance and Challenges of Multilateralism” was held in Dhaka, coinciding with 10th Anniversary of ICC Bangladesh. e Conference was inaugurated by the Prime Minister of Bangladesh and ai Prime Minister was the Keynote Speaker. WTO Director General, EU Commissioner for Trade, UNESCAP Executive Secretary, Governor of Japan Bank for International Cooperation, six Ministers from three continents, Bangladesh Ministers, ICC Chairman, ICC Vice Chairman, ICC Secretary General and more than 500 participants from 38 countries attended this event. • 27-28 September 2005: Regional Seminar on “Capital Market Development: Asian Experience”. e Seminar held in Dhaka was inaugurated by the President of the People's Republic of Bangladesh and attended by Chairmen/CEOs of securities & exchange commissions, stock exchanges, capital market operators, nancial institutions and investors from 15 Asian countries. • 13 April 2010: Conference on “Energy for Growth” was held in Dhaka coinciding with the 15 years of ICC's presence in Bangladesh. e Conference was inaugurated by the Finance Minister of Bangladesh and attended by ICC Global Chairman, Minister for Commerce of Bangladesh, Minister for Development Cooperation of Denmark and Adviser to the Bangladesh Prime Minister for Energy & Mineral Resources. Some 800 delegates from home and abroad including energy experts and international nanciers from Australia, China, Denmark, India, Germany, Japan, Singapore, Switzerland, UK and USA attended the event. • 25-26 October 2014: International Conference on “Global Economic Recovery: Asian Perspective”, was in held in Dhaka coinciding with the 20 years of ICC's presence in Bangladesh. e Conference was inaugurated by the President of the People's Republic of Bangladesh H.E. Mr. Md. Abdul Hamid. Minister for Finance & Minister for Commerce of Bangladesh, UNCTAD Secretary General, Ministers from Myanmar and Nepal; ICC Vice Chairman; ICC Secretary General; ICC Research Foundation Chairman; Director of ICC National Committees and more than 500 participants attended this event. • 8-9 February 2017: e rst ever “UNESCAP Asia Paci c Business Forum: Regional Integration to Achieve Sustainable Development” was organized by ICC Bangladesh jointly with UNESCAP under the patronage of the Ministry of Commerce, Government of Bangladesh. e Forum was inaugurated by the President of the People’s Republic of Bangladesh H.E. Mr. Md. Abdul Hamid. Ministers from Bangladesh, Sri Lanka, Nepal, UNESCAP Under Secretary General, UNCTAD Secretary General, business leaders and some 600 delegates from home and abroad attended the Forum. As part of its activities, ICC Bangladesh has been organizing Workshops / Seminars on International Trade Finance, mainly for bankers of Bangladesh, in various countries since 2014. So far such events have been organized in Kuala Lumpur (April 2014); in Colombo (February 2015); in Kunming (August 2015); in Yangon (November 2015); in Hanoi (April 2016); in Jakarta (April 2017), in Vienna (May 2017) and in Bangkok (December 2017). For professional development of bankers, ICC Bangladesh also organizes Certi ed Documentary Credit Specialist (CDCS), Certi cate for Specialists in Demand Guarantees (CSDG) and Certi cate of International Trade Finance (CITF) Examinations in Dhaka, conducted worldwide every year by LIBF (London Institute of Banking and Finance) and endorsed by ICC Paris. ICC Bangladesh participates in most of the World Chambers Congress & ICC World Congresses held every two years and WTO Ministerial Meetings as well as ICC Regional Consultative Group Meetings. e National Committee also arranges visit by Bangladesh Business delegation to di erent countries for promotion of trade and investment.
National Secretariat International Headquarters Suvastu Tower (6th Floor), 69/1 Panthapath 33-43 Avenue President Wilson Dhaka-1205, Bangladesh, Fax: +880-2-964 1287 75116 Paris, France Tel: +880-2-964 1286, +880-2-967 66 98 Tel : + 33 1 49 532828 E-mail: [email protected] Fax : + 33 1 49 532859 Website: www.iccbangladesh.org.bd Website: www.iccwbo.org 2017 Annual Report
Bangladesh- Marching Forward Under Certificate of Posting
Ref. : PO-10/AC-23 6 June, 2018
NOTICE
23rd ANNUAL COUNCIL 2017
e 23rd Annual Council 2017 of ICC Bangladesh will be held at 12.00 noon on Saturday, 30 June 2018 at Golden Tulip Hotel (Level-2), Plot #84, Road #7, Block # H, Banani, Dhaka.
e Agenda of the Meeting will be as follows:
1. To receive, consider and adopt the Executive Boards’ Report for the year 2017
2. To receive, consider and adopt the Audited Financial Statements of ICC Bangladesh for the year ended 31st December, 2017 together with the Auditors’ Report thereon
3. To appoint Auditor for the year 2018 and xation of remuneration thereof
4. Announcement of the New Executive Board of ICC Bangladesh for the period April, 2018 to March, 2020.
All distinguished Members of ICC Bangladesh are requested to make it convenient to attend the Council.
Ataur Rahman Secretary General
To : All Members of ICC Bangladesh
2 Annual Report 2017 Report of the Executive Board
Distinguished Members,
Assalamu Alaikum Wa Rahmatullah-he Wa Barakatuhu,
With profound gratitude to the Almighty Allah Rabbul Al-Amin, the Most Benevolent and the Most Merciful, I have the privilege of welcoming you all at the 23rd Annual Council of ICC Bangladesh, The world business organization.
On behalf of the Executive Board, I now have the honour of placing before you the Annual Report for the year 2017.
This Report provides a brief review of the key economic performances of the world, regional and Bangladesh during 2017; the outlook for 2018 and the challenges. The Report also provides a summary of the main activities of ICC Bangladesh during the year.
We are proud that Bangladesh has fulfilled the eligibility criteria set forth by the United Nations (UN) to be recognized as a developing country. Bangladesh will now Mahbubur Rahman be able to apply to the UN for recognition as a developing country, while the formal transition will occur on 2024. The influx of Rohingya refugees has created a pressure for The UN classifies all countries across the world under three the economy and overall security of Bangladesh. 6,000 criteria, Least Developed Countries (LDC), Developing acres of land has already been deforested by the Rohingya and Developed. camps. Centre for Policy Dialogue (CPD’s)-Bangladesh’s premier think-tank estimates that the total value of 6,000 In about 47 years, Bangladesh has moved from LDC to a acres of deforested land in the Rohingya camps is Developing Country. We would like to congratulate the equivalent to Taka 741.31 crore or USD 86.67 million. people of Bangladesh, in particular the hard working Besides, there will be serious impact on the economy of the people, the private sector and of course the Government country as well as the upcoming budget. for the prudent policy implementation. The Rohingya crisis has given multi-dimensional problem Bangladesh is faced with worst man-made disaster. As of for Bangladesh. While the government of Bangladesh and February 2018, the United Nations estimates that almost international and non-government organizations are 1 million Rohingya refugees have fled Myanmar’s violent playing the critical role to provide humanitarian support to campaign of ethnic cleansing. Bangladesh had no option the Rohingyas, major global players are yet to take strong but to give shelter to Rohingyas by opening its border and positions in resolving the crisis. hosting them. Bangladesh deserves all the supports and solidarity from the international community to face the Rising international trade has been an important source of human calamities. This has adverse impact on the East Asia and Pacific growth. The region opened its environment & climate. Not to speak on the pressure of economies to trade and foreign direct investment, the economy. exploiting competitive advantages in the manufacturing
Annual Report 2017 3 sector. Increased trade openness has brought strong We’re facing the biggest environmental challenge our productivity gains, especially after the Asian financial crisis, generation has ever seen. Over the past 150 years, we’ve against the backdrop of solid economic institutions and changed the balance of our planet by living beyond our improved macroeconomic fundamentals. However, means. New policies and market trends show that a protracted weakness in advanced economies, signs of low-carbon transition, as envisioned in the 2015 Paris weakened commitment to trade liberalization, and an Agreement, is accelerating around the world – but not fast increased risk of protectionism are threatening prospects enough. National climate commitments made by countries for a further expansion of trade. under the Paris pact will only get us about a third of the way to the emissions reductions needed to keep the global Economic acrimony has been bubbling between the US temperature rise below 2 degrees Celsius, compared to and China since Donald Trump became president. Now the pre-industrial levels. To get the rest of the way, accelerated tension has boiled over into escalating tit-for-tat short-term action and enhanced longer-term national announcements of tariffs on key imports. This is serious ambition will be required, according to the UN’s 2017 not only for US and China, but also for the entire global Emissions Gap report. economy and the UK, in particular, as it hopes for a free trade after Brexit. Christine Lagarde, the International Business has a critical role to play in achieving the scale of Monetary Fund Managing Director, has warned that the decarbonization needed. In fact, some large companies world trade order “is now in danger of being torn apart”. with global supply chains account for greenhouse gas emissions equivalent to those of entire countries: Mars, Anyone familiar with Trump’s zero sum approach to Incorporated has a carbon footprint similar in scale to international trade won’t be surprised by the turmoil. Panama’s. With this scale comes responsibility. By being Although few might have predicted a US president assailing more innovative and efficient, and working with suppliers the free trade model, while the Communist leader of China and local economies, companies are finding ways to cut rides to its defence. Trump made much of trade and the US carbon and costs. Between now and 2030, the world will external deficit on the campaign trail. Among his first acts spend $90 trillion on infrastructure. Now is the time for was to pull out of trade negotiations with Europe and with industry to transform its role in creating a more Asia. Trump withdraws US from TPP and also threatened sustainable world. to pull the US out of NAFTA and criticised the World Trade Organisation. Global economic sentiment has become far more upbeat this year - an assessment endorsed by most international ICC believes that there will be no winners from a current organisations. The broad recovery in investment, trade war. Open markets are – and remain – the key driver manufacturing and trade is good news for Asia's of economic growth, prosperity and job creation across the trade-dependent economies - including Singapore - which world. Families struggling to make ends meet will be have benefited from strengthening global demand. hardest hit by any new tariffs which will inevitably push up prices at the till and restrict consumer choice. In a Globalisation, represented by global flows of goods and globalized world trade is not a zero-sum game – and policy services, has not only lifted hundreds of million people decisions must reflect this reality. out of poverty, but has also created and expanded the global middle class. According to a study by the Brookings ICC encourages the US administration and its trading Institutions, 45% of the world’s population today are partners to seek alternative means to address the consumers with disposal income above subsistence level, longstanding issue of excess capacity in the steel and compared with 23% in 1990. This means the global aluminum markets. Recent years have seen a notable economy now includes an additional 2.3 billion decline in trade distorting measures in these sectors and consumers. A trade war would not only set back this further progress can only be made through enhanced inclusion process, but could also have a negative impact multilateral dialogue. Rising trade tensions must not on overall prosperity. become an excuse for recklessness: we urge all governments to act within the bounds of existing WTO rules and to According to a Morgan Stanley report the global recovery commit to accelerated talks under existing international could run until 2020, barring serious geopolitical shocks, processes. financial volatility or sharp oil price spikes.
4 Annual Report 2017 According to Goldman Sachs the global economy, for the The recent pickup in global growth, the Report states, first time since 2010 is outperforming most predictions, stems predominantly from firmer growth in several and they expect this to continue. Goldman Sachs global developed economies, although East and South Asia GDP forecast for 2018 is 4.0%, up from 3.7% in 2017 and remain the world most dynamic regions. In 2017, East and meaningfully above consensus. The strength in global South Asia accounted for nearly half of global growth, with growth is broad-based across most advanced and emerging China alone contributing about one-third. economies. The end of recessions in Argentina, Brazil, Nigeria and the While there are short-term risks, including financial stress Russian Federation also contributed to the rise in the rate and rising geopolitical tensions, the key question now is of global growth between 2016 and 2017. The upturn has how long this pickup will last. Concerns linger over been supported by a rebound in world trade and an longer-term challenges like flagging productivity and improvement in investment conditions. The challenge is to ageing populations. channel this into a sustained acceleration in productive investment to support medium-term prospects. In a bid to counter Beijing’s growing influence, Australia, the US, India and Japan are said to be talking about Despite the improved short-term outlook, the global establishing a joint regional infrastructure scheme as an economy continues to face risks—including changes in alternative to China’s multibillion-dollar Belt and Road trade policy, a sudden deterioration in global financial Initiative (BRI). The preferred terminology was to call the conditions and rising geopolitical tensions. The world plan an “alternative” to China’s Belt and Road Initiative, economy also faces longer-term challenges. The report rather than a “rival”. highlights four areas where the improved macroeconomic Last week of April the world witnessed a first tangible step situation opens the way for policy to address these toward a peaceful, prosperous Korean peninsula. On April challenges: increasing economic diversification, reducing 27, 2018, Kim Jong Un became the first North Korean inequality, supporting long-term investment and tackling leader to step foot in South Korea – where he was welcomed institutional deficiencies. The report notes that reorienting by South Korean President Moon Jae-in. The South Korean policy to address these challenges can generate stronger Government reported that Kim had promised to give up investment and productivity, higher job creation and more his nuclear arsenal under certain conditions. While some sustainable medium-term economic growth. viewed the summit with skepticism and issued reminders The recent improvements in economic conditions, about Kim’s villainous past, others began talking of a however, have been unevenly distributed across countries unified Korea – a reasonable reaction considering that the and regions. Negligible growth in per capita income is leaders signed a document called the Panmunjom expected in several parts of Africa, Western Asia and Latin Declaration for Peace, Prosperity and Unification of the America and the Caribbean in 2017–2019. The impacted Korean Peninsula. However, one has to wait and see the regions combined are home to 275 million people living outcome of the meeting if at all it takes place. in extreme poverty, underscoring the urgent need to Global Economy in 2017 and Outlook for 2018 : foster an environment that will both accelerate medium-term growth prospects and tackle poverty An upturn in the global economy—now growing by about through policies that address inequalities in income and 3 per cent—paves the way to reorient policy towards opportunity. longer-term issues such as addressing climate change, tackling existing inequalities and removing institutional The report found that very few least developed countries obstacles to development, according to the United Nations (LDCs) are expected to reach the Sustainable Development World Economic Situation and Prospects (WESP) 2018. Goal target for GDP growth of “at least 7 per cent” in the The improvement is widespread, with roughly two-thirds near term (SDG 8.1). Advances towards sustainable of countries worldwide experiencing stronger growth in development in this group of countries continue to be 2017 than in the previous year. Global growth is expected hindered by institutional deficiencies, inadequate basic to remain steady at 3.0 per cent in 2018 and 2019. infrastructure, high levels of exposure to natural disasters,
Annual Report 2017 5 as well as challenges to security and political instability. In September; and the US Federal Reserve has a new chair addition to mobilizing the financial resources to meet the awaiting confirmation. Moreover, major changes in investment needs in the LDCs, policies must also focus on important developing economies such as Argentina, conflict prevention and removing barriers that continue Saudi Arabia, and Brazil have made the future outlook to hinder more rapid progress. even murkier.
Preliminary estimates suggest that the level of global The International Monetary Fund (IMF) has raised its energy-related CO2 emissions increased in 2017 after growth forecasts for 2018 and 2019 to 3.9%, expecting the remaining flat for three consecutive years. The frequency global economy to continue to recover on the back of of weather-related shocks continues to increase, also buoyant trade and investment, as well as recent US tax highlighting the urgent need to build resilience against reforms. Global economic activity continues to firm up. climate change and prioritize environmental protection. Global output is estimated to have grown by 3.7 percent Policies that target international shipping and aviation in 2017, which is 0.1 percentage point faster than emissions—which do not fall under the purview of the projected in the fall and ½ percentage point higher than Paris Agreement—need to be strengthened, as emissions in 2016. The pickup in growth has been broad based, with from these sectors continue to grow faster than those notable upside surprises in Europe and Asia. Global from road transport. growth forecasts for 2018 and 2019 have been revised upward by 0.2 percentage point to 3.9 percent. The Many developing economies and economies in transition revision reflects increased global growth momentum and remain vulnerable to spikes in risk aversion, sudden the expected impact of the recently approved U.S. tax capital withdrawal and an abrupt tightening of global policy changes. liquidity conditions, while rising debt poses global financial challenges. The report suggests that a new According to the Monetary Fund, the U.S. tax policy financial framework for sustainable finance should be changes are expected to stimulate activity, with the created in alignment with the 2030 Agenda and the Addis short-term impact in the United States mostly driven by Ababa Action Agenda that would shift the focus from the investment response to the corporate income tax cuts. short term profit to long term value creation. The effect on U.S. growth is estimated to be positive through 2020, cumulating to 1.2 percent through that Regulatory policies for the financial system, well year, with a range of uncertainty around this central coordinated with monetary, fiscal and foreign exchange scenario. Due to the temporary nature of some of its policies, should support this framework, by promoting a provisions, the tax policy package is projected to lower stable global financial environment. growth for a few years from 2022 onwards. The effects of According to World Economic Forum all major the package on output in the United States and its trading macroeconomic indicators – growth, unemployment, and partners contribute about half of the cumulative revision inflation – suggest that 2017 is the American economy’s to global growth over 2018–19. best year in a decade. And the global economy is enjoying The world economy will continue to strengthen in 2018 broad, synchronized growth beyond what anyone and 2019, with global GDP growth projected to rise to expected. The question now is whether this strong about 4%, from 3.7% in 2017. Stronger investment, the performance will continue in 2018. rebound in global trade and higher employment are The answer, of course, will depend on monetary, fiscal, helping to make the recovery increasingly broad-based, trade, and related policies in the United States and according to OECD Economic outlook. New tax around the world. And yet it is hard to predict what reductions and spending increases in the United States policy proposals will emerge in 2018. There are relatively and additional fiscal stimulus in Germany are key factors new heads of state in the US, France, and the United behind the upward revision to global growth prospects in Kingdom; German leaders still have not formed a 2018 and 2019. Inflation remains low, but is likely to rise governing coalition since the general election in modestly, the outlook added.
6 Annual Report 2017 OECD Interim Economic Outlook Forecasts March 2018 Real GDP growth Year-on-year % increase 2017 2018 2019 Interim EO Difference from Interim EO Difference from projections November EO projections November EO World1 3.7 3.9 0.2 3.9 0.3 G201.2 3.8 4.1 0.2 4.0 0.2 Australia 2.3 3.0 0.2 3.0 0.3 Canada 3.0 2.2 0.1 2.0 0.1 Euro area 2.5 2.3 0.2 2.1 0.2 Germany 2.5 2.4 0.1 2.2 0.3 France 2.0 2.2 0.4 1.9 0.2 Italy 1.5 1.5 0.0 1.3 0.0 Japan 1.7 1.5 0.3 1.1 0.1 Korea 3.1 3.0 0.0 3.0 0.0 Mexico 2.3 2.5 0.3 2.8 0.5 Turkey 6.9 5.3 0.4 5.1 0.4 United Kingdom 1.7 1.3 0.1 1.1 0.0 United States 2.3 2.9 0.4 2.8 0.7 Argentina 2.9 3.2 0.0 3.2 0.0 Brazil 1.0 2.2 0.3 2.4 0.1 China 6.9 6.7 0.1 6.4 0.0 lndia3 6.6 7.2 0.2 7.5 0.1 Indonesia 5.1 5.3 0.1 5.4 0.0 Russia 1.5 1.8 -0.1 1.5 0.0 Saudi Arabia -0.8 1.6 0.0 1.7 0.0 South Africa 1.2 1.9 0.9 2.1 0.6 Note: Difference from November 2017 Economic Outlook in percentage points, based on rounded figures. 1. Aggregate using moving nominal GDPw eights at purchasing power parties 2. G20 aggregate does not include European Union countries who are not members in their own right. 3. Fiscal years, starting in April.
Global trade Global trade growth is set to moderate somewhat in 2018-19, at an average of 4 percent, in line with the Global goods trade volumes have gathered significant projected deceleration of capital spending in advanced momentum since mid-2016, following two years of economies and China. Besides the effects of maturing pronounced weakness. A cyclical rebound in investment recoveries, global trade is expected to remain constrained contributed to strong growth of trade in machinery, by structural forces, including the slower pace of global electronics and semiconductors. Momentum was value chain integration and trade liberalization. sustained throughout 2017 and global trade growth is estimated to have reached a stronger than-expected 4.3 The number of newly introduced protectionist measures percent. Export growth accelerated in most Emerging in 2017 stabilized in the largest economies and declined in Markets and Developing Economies (EMDE) regions. the rest of the world. However, the stock of these measures However, it decelerated in the Middle East and North continues to grow. It is estimated that close to Africa, partly reflecting cuts in oil production agreed by three-quarters of G20 exports face some type of trade OPEC members. distortion in destination markets. Anti-dumping duties The recovery in global trade has been tightly connected to and other tariffs accounted for close to half of recently a cyclical upturn in global manufacturing, which in turn introduced protectionist measures, followed by financial was encouraged by stronger capital spending. Services grants and public procurement localization measures. trade also recovered in 2017, albeit at a slower pace than Exporters of iron and steel, electrical energy and metal goods trade, as the former is generally less affected by products remain disproportionately affected by trade short-term inventory and production cycles. restrictions.
Annual Report 2017 7 Globalization is growing rapidly with ever-greater Going forward, countries should be able to build on these connectivity and interdependence. It is projected that by economic gains, even as growth tapers somewhat. Domestic 2020, the number of people using the Internet will exceed 4 demand is expected to be the key driver as confidence builds billion while the number of connected devices will more during 2018 and 2019. The outlook has downside risks. than triple to nearly 21 billion. Global data flows, which First, while the direct impact of protectionist trade have exploded by tenfold over the past decade, to 20,000 measures implemented by the US in March 2018 is unlikely gigabits per second, are also projected to triple by 2020. The to affect the outlook for developing Asia, further measures world’s consumers are not only increasingly connected and retaliation would have larger ramifications. Second, digitally, but they are also travelling more. There were 1.2 expansion in the US that is faster than expected, fueled by billion trips in 2016, roughly a 30% increase since 2010, recent tax cuts and spending increases, may prompt the US according to the World Tourist Organization. Consumers Federal Reserve to raise interest rates more rapidly than are also dramatically changing their behaviour as shown by markets currently anticipate. the rising popularity of the sharing economy and pay-as-you-go business model for goods such as cars and The trade revival last year has, however, reinforced strong cloud computing. trade links within Asia and built up financial buffers in many Asian economies, in particular in recovering commodity This new form of globalization, represented by exporters. Finally, caution is necessary when private debt digitalization, has set in motion fundamental structural grows very quickly, as this is found to correlate with larger shifts in the world economy resulting in new uncertainties. subsequent declines in gross domestic product (GDP). The new global economy is becoming fragmented and multi-polar, with many countries driving global growth. In The aggregate GDP growth rate in developing Asia reached emerging markets, the old development models are not a 3-year high of 6.1% in 2017 with subdued inflation, but working as before while new effective models have yet to be the pace of growth should slow gradually over the next 2 identified. As a result of rising protectionism, we can expect years. Exports, which boosted growth last year, will still be continued flat growth in merchandise trade, and in a key driver of growth, albeit at a slightly moderated pace. cross-border investment. Exports have been supported by growth in the advanced economies, which is expected to continue to the forecast Regional Economy in 2017 & Outlook for 2018 : horizon.
The role of regional and sub-regional cooperation in South Asia anticipates revived growth after a 2-year realizing the potential of the Asia-Pacific Region as well as slowdown. Aggregate growth slipped 0.3 percentage points implementation of the SDGs is critical. While the private to 6.4% in 2017. This reflected slackening in India, where sector’s vital role in shaping and delivering regional growth fell to 6.6% with the lingering effects of cooperation is accepted as conventional economic wisdom, demonetization in 2016, businesses adjusting in 2017 to a there is a need for necessary legislative and regulatory new goods and services tax, and agriculture subdued. The frameworks to attain its espoused objectives. South Asian giant is expected to bounce back to 7.3% in fiscal 2018 and firm to 7.6% in 2019 as the new tax regime According to Asian Development Outlook (ADO) 2018, improves productivity and as banking reform and Asia and the Pacific had a remarkable year, with growth corporate deleveraging take hold to reverse a downtrend in accelerating throughout 2017 and into 2018. The strong investment. Elsewhere in South Asia, growth will stay growth reflected solid export demand, both from the robust but generally not improve. advanced economies and from within the region, with trade growth continually increasing. Trade links that had The need to carry out revenue-enhancing fiscal reform and laid dormant from 2014 to late 2016 revived, with positive to strengthen economic policy will temporarily brake spillover across the region. Domestic demand, particularly expansion in Bangladesh, Pakistan, and Sri Lanka. Growth household consumption, showed robust gains in in South Asia as a whole is forecast to rise to 7.0% in 2018 economies both large and small. Developing Asia thus and 7.2% in 2019. Very modest food price rises in India accounted for more than 60% of global growth in 2017 and following bumper harvests there pushed average inflation a quarter of global income in 2016. Moreover, inflation in South Asia down to 4.0% in 2017. Inflation is forecast to remained moderate despite a 23% increase in oil prices revive to 4.7% in 2018 and to 5.1% in 2019, mainly on during the year, reported in the ADB Outlook. higher oil prices.
8 Annual Report 2017 India and the People’s Republic of China provide a story of Following the devastating cyclones of 1970 and 1991, contrasts despite significant efforts by both governments to Bangladesh has made significant efforts to reduce its deepen reform. Together they contributed 50% of global disaster vulnerability and is considered today a global growth in 2017. As the economic giants of developing Asia, leader in coastal resilience due to its significant long term providing about 70% of aggregate GDP, their impact on the investments in protecting lives. Despite these efforts, the region is monumental. vulnerability of the coastal population is on the rise due to climate change. Bangladesh Economy in 2017 and Outlook for Although 56.5% of GDP was generated by the service 2018 : sector in 2017, nearly half of Bangladeshis are employed Bangladesh has reduced its poverty rate from over half to in agriculture. Agriculture (14.8% of GDP) mostly less than a third of the population and grown at an involves rice production, but it also includes tea, jute, average 6% of GDP over the last two decades. Growth wheat, sugarcane, tobacco, spices, fruits, etc. Bangladesh is amounted to 7.2% in 2017 supported by remittances from the world's fourth biggest rice producer, although shortages caused by natural disasters occasionally force it nearly 7,5 million Bangladeshi living abroad (USD 12.85 to import said crop. billion in 2017), garment exports, increased wages and low inflation. Continued growth is expected given Industry represents 29.2% of GDP (a slight increase from macroeconomic stability along with credit growth and last year's 28.8%) and employs 19.1% of the population. increased private investment. According to the The backbone of the industrial sector is the production of Bangladesh Bureau of Statistics, per capita income grew garments, with textile exports representing 80% of the total from USD 1,532 to USD 1,660 from fiscal year 2017 to exports and surpassing USD 34 billion in 2017. Other 2018 (a 8% growth). industrial products include paper, leather, fertilisers, metals, and pharmaceuticals. The 2017-2018 budget gave priority to the development of education, technology, transport, communication, and Bangladesh is among the top 17 out of 134 countries in the defence. Almost 14% of the annual budget (1.93% of GDP) list of Global Economic Prospects (GEP) forecasts that are is dedicated to education, although such spending is still projected to have a growth rate of 6.4 percent or more in below UNICEF recommendations of 20% of annual 2017-18.The World Bank has painted a brighter picture for budget and 6% of GDP. Tax collection improved Bangladesh's economy for the next two fiscal years basis on significantly in 2017 while spending declined, which strong domestic demand, exports, investment and reduced the fiscal deficit. remittance. World Bank projected the growth for Bangladesh Economy in 2017-18 at 6.4 percent. Measures are being implemented to strengthen governance The Global Economic Prospects, a flagship report of the and improve risk management in the banking system. World Bank Group, said activity in Bangladesh would Strengthening the financial system, increasing energy grow at an average of 6.7 percent a year over fiscals production capacity and improving distribution system, 2018-2020, benefiting from strong domestic demand and improving price stability and reducing poverty are among strengthening exports. Remittances are expected to the country’s major challenges. Given the government's rebound as growth firms up in Gulf Cooperation Council limited financial capability, aid from bilateral and countries, the report said. multilateral donors will be crucial to achieving these short- and medium-term objectives. The government has set a target of 7.4 percent GDP growth for the current fiscal year. The government's Bangladesh is the world’s most vulnerable countries to Seventh Five-Year Plan aims to achieve 7.4 percent GDP climate change and also one of the most disaster prone growth annually for 2015-16 and 2019-20. According to countries in the world. Bangladesh’s low-lying and climatic the World Bank achieving the government target of 7.4 features, combined with its population density and percent growth this fiscal year will be challenged by economic environment, make it highly susceptible to many banking sector vulnerabilities, infrastructure deficiencies, natural hazards, including floods, droughts, cyclones and uncertainties in the run up to elections, and the slow pace earthquakes. of structural reforms.
Annual Report 2017 9 Main downside risks to the outlook for Bangladesh Bangladesh is one of the lowest in the world (433 KWH as include fiscal slippages and a setback in implementation of October 2017). The installed capacity of Bangladesh in of reforms to improve corporate and financial sector 1972 was only 200 MW. Since then, the current power balance sheets. Slippages relating to upcoming elections generation has increased to 16,046 MW with 600 MW and weak tax revenues could derail fiscal consolidation import from India. efforts, said the WB. Due to fast depleting gas reserve and lack of major Bangladesh is projected to be among the fastest growing initiatives to develop local coal it is becoming difficult to least developed countries in 2018 with the expected GDP achieve a sustainable local primary energy source. growth of 7.1 percent, supported by vigorous domestic According to an estimate, Bangladesh would become 92% demand, according to UN's World Economic Situation dependent on imported fuel by 2030 if local coal is not and Prospects 2018 Report. In Bangladesh, the growth of explored and exploited. gross domestic product is expected to remain above 7.1 Generation of electricity in coal-fired power plants will be percent in 2018 and 7.2 percent in 2019, according to the viable and much cheaper if locally explored quality coal is UN's flagship publication on expected trends in the global used as fuel instead of imported one. Bangladesh should, economy. therefore, go for all-out commercial exploration of coal in According to Asian Development Bank GDP grew by 7.3% the next five years to make the power sector, the backbone in FY17, edging up from 7.1% a year earlier. The pickup of the country's economy, sustainable and vibrant. mainly reflected acceleration in private consumption Non-Performing Loans (NPL) is one of the issues that is expenditure, despite falling remittances, and continued impacting capital adequacy of the industry specially the growth in public infrastructure investment. Private eight state-owned commercial and specialized banks. For investment rose marginally. With faster expansion in decades, state-owned banks have been the prime leader to import volume while exports stagnated, net exports the large corporate borrowers particularly in the industrial subtracted from growth. At $1.7 billion, foreign direct sector of the economy. investment equaled less than 1.0% of GDP. Now that Bangladesh has graduated to developing country Asian Development Bank President Takehiko Nakao said all efforts should be made to strengthen the banking sector Bangladesh must experience economic growth of at least which is the backbone of the economy. The requirements 10% for the next two decades if it wants to become a and challenges of many to a developing country must not developed country by 2041. "This is not impossible, but not be ignored and the best way to do this is strengthening the so easy," observed ADB President. financial institutions following the globally accepted To graduation from LDC, a country must fulfill three international standards and practices. essential criteria- per capita Gross National Income (GNI), Bangladesh is both a motivation and a challenge for Human Resources Index and Economic Vulnerability policymakers and practitioners of development. While Index (EVI). Per capita income of $1,230 is the minimum income growth, human development and vulnerability requirement for transitioning into a developing nation, and reduction efforts to date have been extraordinary, Bangladesh’s per capita income currently stands at about Bangladesh faces daunting challenges with about 22 $1,660. Bangladesh holds 72 points in the Human million people still living below the poverty line. Resources Index, while the minimum requirement is 64 points. For the UN recognition, Economic Vulnerability The country is now at an important juncture and the right Index (EVI) must be below 32 points, and Bangladesh’s policies and timely action is needed in order to avoid falling current score is 25.5 points. In July 2015, Bangladesh into the ‘middle-income trap where a number of countries transitioned from a low income to a lower-middle income are stuck in the lower-middle income status and are unable country. This distinction, based on the per capita income of to move up. a country, is used by the World Bank. Bangladesh should now be prepared for the probable Sustainable and uninterrupted energy is critical for the impact of graduation. It is high time for the country to economic growth. The per capita energy consumption in formulate effective strategies to face the challenges of
10 Annual Report 2017 graduation, as it will gradually lose preferential trade ICC Bangladesh has arranged participation of bankers at opportunities. The probable impact of Bangladesh’s loss of 3-day ICC Global Conference on Letters of Credit & Bank preferential facilities in major export destinations will be Guarantees organized by ICC Austria in Vienna during felt on the export, sustainable GDP growth and other 16-19 May. A total of 38 bankers from 18 Commercial socio-economic indicators. Bangladesh is now enjoying Banks and one official of Bangladesh Chemical Industries preferential access of varying degrees offered by more than Corporation (BCIC) attended the Event. The Delegation 40 countries. Economists predict that the country is likely also attended a Meeting at ICC Headquarters in Paris to lose about $2.7 billion in export earnings every year once especially arranged for the Bangladesh Delegation. it graduates from the LDC bracket. ICC Bangladesh delegation attended 10th World Chambers In order to achieve 8% plus growth, we believe that it is Congress in Sydney which was held during 19-21 necessary for us to ensure political stability, financial sector September. ICC Bangladesh Delegation also met Austrade reform, ensure access to reliable and affordable power, Officials in Sydney on 20 September and discussed on efficient infrastructure (including ports and improved increasing trade and investment. highways), export diversification and enforcement of laws Besides, ICC Bangladesh arranged the following to reduce cost of doing business. workshops: ICC-UNESCAP workshop on International Trade Finance and Development of Global Value Chains in ICC Bangladesh in 2017 : Bangkok during 20-22 December; Workshop on The most significant event in 2017 was the 13th Documentary Credits and Guarantees for Specialists in Asia-Pacific Business Forum of UNESCAP, which was held Dhaka on 22 July; Workshop on Capital and Credit Risk in Dhaka on 8 and 9 February. The Forum was attended by Distribution held in Dhaka on 26 November and some 500 delegates from home and abroad representing Workshop on Letters of Credit in Law and Practice held in government, business, civil society, academia and others. Dhaka on 7 and 14 October.
The Forum was organized for the first time in Bangladesh The National Committee also arranged Certified by the ICC Bangladesh and United Nations Economic and Documentary Credit Specialist (CDCS), Certified Social Commission for Asia and the Pacific (ESCAP) under Specialist on Demand Guarantee (CSDG) and Certificate the patronage of the Ministry of Commerce, Government of International Trade Finance (CITF) Examinations, of Bangladesh. conducted worldwide every year by LIBF (London Institute of Banking & Finance) and endorsed by ICC Paris held in H.E. Mr. Md. Abdul Hamid, Hon’ble President of the Dhaka in April and October. People’s Republic of Bangladesh inaugurated the Forum held on 8 February at Pan Pacific Sonargaon Hotel. A Delegates from ICC Bangladesh also participated in keynote address on behalf of business was delivered by Dr. UNESCAP Meetings, ICC Regional Consultative Group Victor K. Fung, Former global Chairman of ICC and Meeting and WTO Ministerial Meetings.. Chairman of Fung Group. Dr. Shamshad Akhtar, A detailed report on the activities of the National Committee Under-Secretary-General of the United Nations and has been included in this Annual Report for the readers. Executive Secretary of ESCAP and Mr. Mahbubur Rahman, President of ICC Bangladesh delivered welcome address. ICC Bangladesh in 2018 H.E. Mr. Tofail Ahmed, M.P., Hon’ble Minister of Commerce, Government of Bangladesh delivered the As per Plan of Action the National Committee has already opening address on behalf of the Government. arranged the following events till May. i) Technical Workshop on Private sector engagement through ICC Bangladesh arranged participation of 48 Bankers development co-operation: Opportunities for business to from14 Commercial Banks at the ICC Banking bring solutions to scale for the SDGs ( ERD, Ministry of Commission Annual Meeting held in Jakarta on 3-6 April. Finance and Global Partnerships and Policies Development There were altogether over 586 participants from 58 Co-operation Directorate of OECD, Paris); ii) Workshop countries. Bangladesh had the highest number of bankers on Letters of Credit in Law and Practice iii) Advanced followed by China. Workshop on Documentary Credits and Guarantees for
Annual Report 2017 11 Specialists iv) Round Table on Trade Facilitation Project in Wares Ltd., DBL Group, Dhaka Bank, Dutch Bangla Bank Bangladesh v) Holding of CDCS, CITF and CSDG Ltd., Eastern Bank Ltd., EXIM Bank, Envoy Group, Evince Examinations and vi) Workshop on International Trade Group, Green Delta Insurance Co. Ltd., Hameem Group, Finance, Cambodia. IFIC Bank, Incepta Pharmaceuticals Ltd., KAFCO, Mir Akhter Hossain, Meghna Group of Industries, Nassa The rest of the year the National Committee plans to Group, Plummy Fashions Limited, Pubali Bank Limited, organize Workshop on International Factoring for Foreign Prime Group of Industries, Square Textiles Ltd., Shahjalal Trade jointly with ADB and FCI; Seminar on International Islami Bank, Transcom, The Merchants Ltd., United Factoring for Foreign Trade jointly with ADB and FCI; Commercial Bank limited & United group. Dialogue on Belt and Road Initiative jointly with DCCI sponsored by Standard Chartered Bank; Seminar on May I also take this opportunity to express our profound Greater Digitalization of Trade Finance Industry thanks to the electronic and print media for providing all Sponsored by Standard Chartered Bank); ICC Global out support to ICC Bangladesh during the year. Conference on Letters of Credit & Bank Guarantees at The officials and staff of the Secretariat have supported the Vienna, Austria; Workshop on Letters of Credit in Law and activities of the National Committee with full commitment, Practice (8PDUs); Workshops on International Trade enthusiasm, dedication and hard work. On behalf of the Fraud-Prevention, Control and Remedies; Workshops on ICCB Members, I would like to convey our sincere thanks International Trade Fraud-Prevention, Control and and appreciation to them. Remedies; Workshops on International Trade Fraud-Prevention, Control and Remedies; Seminar on In conclusion, I am hopeful that by the Grace of Almighty Australia-Bangladesh Trade Promotion: Role of Banks and Allah, ICC Bangladesh will continue to receive full support, Businesses in Sydney; Workshop on International Trade cooperation and assistance from the members in carrying Finance and Capital and Credit Risk Distribution in out future activities. Singapore; Holding of CDCS, CITF and CSDG Examinations and Dialogue on Dialogue on Governance of Financial Institutions.
On behalf of the Executive Board, I profoundly express Allah Hafez For and on behalf of our sincere appreciation and gratitude to our eminent the Executive Board Members for their trust and confidence on us and for extending unqualified support to the activities of ICC Bangladesh for promotion of trade and investment of the country. Dhaka, Bangladesh Mahbubur Rahman I am pleased to announce that the National Committee is 30 June, 2018 President going to move to its new office in Gulshan Avenue, Dhaka ICC Bangladesh by the end of this year. On behalf of the ICC Bangladesh Executive Board, I would like to take this opportunity to express our thanks and deep appreciation to the following esteemed Members and partners for their generous support in purchasing the new office space: Islami Bank Bangladesh Limited, First Security Islami Bank Ltd., The Dhaka Chamber of Commerce & Industry (DCCI), Bangladesh Knitwear Manufacturers & Exporters Association (BKMEA), Bangladesh Garment Manufacturers & Exporters Association (BGMEA), Apex Footwear Ltd., Azim Group, A.K. Khan & Company Limited, Al Arafah Islami Bank Limited, Bengal Polymer
12 Annual Report 2017 ICC Bangladesh Activities during 2017 : Overview The most significant event in 2017 was the 13th Asia-Pacific Business Forum of UNESCAP, which was held in Dhaka on 8 and 9 February. The Forum was attended by some 500 delegates from home and abroad representing government, business, civil society, academia and others.
The Forum was organized for the first time in Bangladesh by the ICC Bangladesh and United Nations Economic and Social Commission for Asia and the Pacific (ESCAP) under the patronage of the Ministry of Commerce, Government of Bangladesh.
H.E. Mr. Md. Abdul Hamid, Hon’ble President of the People’s Republic of Bangladesh was the Chief Guest and inaugurated the Forum held on 8 February at Pan Pacific Sonargaon Hotel. A keynote address on behalf of business was delivered by Dr. Victor K. Fung, Former global Chairman of ICC and Chairman of Fung Group. Dr. Shamshad Akhtar, Under-Secretary-General of the United Nations and Executive Secretary of ESCAP and Mr. Mahbubur Rahman, President of ICC Bangladesh delivered welcome address. H.E. Mr. Tofail Ahmed, M.P., Hon’ble Minister of Commerce, Government of Bangladesh delivered the opening address on behalf of the Government.
ICC Bangladesh arranged participation of 48 Bankers from14 Commercial Banks at the ICC Banking Commission Annual Meeting held in Jakarta on 3-6 April. There were altogether over 586 participants from 58 countries. Bangladesh had the highest number of bankers followed by China.
ICC Bangladesh has arranged participation of bankers at 3-day ICC Global Conference on Letters of Credit & Bank Guarantees organized by ICC Austria in Vienna during 16-19 May. A total of 38 bankers from 18 Commercial Banks and one official of Bangladesh Chemical Industries Corporation (BCIC) attended the Event. The Delegation also attended a Meeting at ICC Headquarters in Paris especially arranged for the Bangladesh Delegation.
ICC Bangladesh delegation attended 10th World Chambers Congress in Sydney which was held during 19-21 September. ICC Bangladesh Delegation also met Austrade Officials in Sydney on 20 September and discussed on increasing trade and investment.
Besides, ICC Bangladesh arranged the following workshops: ICC-UNESCAP workshop on International Trade Finance and Development of Global Value Chains in Bangkok during 20-22 December; Workshop on Documentary Credits and Guarantees for Specialists in Dhaka on 22 July; Workshop on Capital and Credit Risk Distribution held in Dhaka on 26 November and Workshop on Letters of Credit in Law and Practice held in Dhaka on 7 and 14 October.
In addition, the National Committee also arranged Certified Documentary Credit Specialist (CDCS), Certified Specialist on Demand Guarantee (CSDG) and Certificate of International Trade Finance (CITF) Examinations, conducted worldwide every year by LIBF (London Institute of Banking & Finance) and endorsed by ICC Paris held in Dhaka in April and October.
Delegates from ICC Bangladesh also participated in UNESCAP Meetings, ICC Regional Consultative Group Meeting and WTO Ministerial Meetings.
A brief report on the activities of the National Committee during the year is presented below :
UN-ESCAP Asia-Paci c Business Forum 2017 held in Dhaka Asia Paci c needs to be more integrated The Forum was organized for the first time in Bangladesh by the International Chamber of Commerce (ICC) – The Thirteenth Asia-Pacific Business Forum was held at the Bangladesh, The world business organization and United Pan Pacific Sonargaon Hotel in Dhaka, Bangladesh on 8 and 9 Nations Economic and Social Commission for Asia and February 2017. The Forum was attended by up to 500 the Pacific (UN-ESCAP) under the patronage of the participants from home and abroad representing Ministry of Commerce of the Government of government, business, civil society, academia and others. Bangladesh.
Annual Report 2017 13 Partners and Sponsors of the Forum comprised of the Inclusive Business” and “Supporting and Empowering following: Bangladesh Investment Development Authority Disadvantaged MSMEs to Become More Competitive and (BIDA), Standard Chartered Bank (Platinum Partners); Sustainable “respectively and three parallel sessions on Bangladesh Insurance Association, The City Bank Ltd., the following topics: “Devising Strategies for Resilience: Shasha Denims Ltd. (Gold Partners); Berger Trusted Role of Business in Disaster Risk Reduction and Climate Worldwide, Eastland Insurance Company Ltd., Green Change Adaptation”; “New Energy Realities: Building a Delta Insurance Company Ltd., Joules Power Limited, Resilient and Low-Carbon Future”; and “Supporting National Housing Finance and Investments Ltd., Navana Trade and Transport Facilitation for Regional Group, Reliance Insurance Limited, The Merchants Ltd., Integration.” A side event on “Economic Outlook and Key Uttara Finance and Investments Limited (Silver Partners); Policy Challenges in Emerging Asia” was also organized. The Daily Star, The Financial Express, Prothom Alo, Two pre-Forum events were organized:(a) ESBN (ESCAP Samakal, Channel i, Channel 24, Maasranga Television Sustainable Business Network) individual Task Force were the media partners and Centre for Policy Dialogue Meetings on 7 February (b) Thirteenth Session of ESCAP (CPD) was the knowledge partner of the event. Business Advisory Council (EBAC) and Third Session of H.E. Mr. Md. Abdul Hamid, Hon’ble President of the ESBN on 8 February The event comes at a time when the People’s Republic of Bangladesh was the Chief Guest and 28-bloc European Union, the model of economic inaugurated the Forum held on 8 February at Pan Pacific integration, is soul-searching following the shock Brex it Sonargaon Hotel. A keynote address on behalf of business vote and the new US administration's inward-looking was delivered by Dr. Victor K. Fung, former global chairman trade policies. The International Chamber of Commerce of ICC and Chairman of Fung Group. Ms. Shamshad Bangladesh co-organised the event with the United Akhtar, Under-Secretary-General of the United Nations and Nations Economic and Social Commission for Asia Executive Secretary of ESCAP and Mr. Mahbubur Rahman, and the Pacific (ESCAP) and Ministry of President of ICC Bangladesh delivered a welcome address. Commerce-Bangladesh. This is the first time that H.E. Mr. Tofail Ahmed, M.P., Hon’ble Minister of Bangladesh hosted the event, which has been taking place Commerce of the Government of Bangladesh delivered the since 2004. opening address on behalf of the Government. The Forum concluded with a call for deepening of regional The overarching theme of the 2-day Forum, “Regional integration in Asia and the Pacific with the view to lifting Integration to Achieve Sustainable Development” was millions out of poverty, driving economic growth and
discussed in a Ministerial Plenary Session on: “Linking achieving sustainable development goals. The objective of Business with the Sustainable Development Goals: What the two-day conference was to discuss the role and needs Can We Do?”, two plenary business sessions on: of businesses in achieving inclusive, resilient and “Supporting SDGs through Digital Financial Models by sustainable development.
14 Annual Report 2017 Opening Session resources, a wide range of markets and levels of development and human resources. The Opening Session was Inaugurated by H.E. Mr. Md. Abdul Hamid, Hon’ble President of the People’s Republic However, he noted the persistence of too much poverty of Bangladesh. Other Speakers of the Inaugural Session and, in this regard, emphasized the need for South-South
were H.E. Abul Maal Abdul Muhith, M.P., Minister for cooperation, in particular for least developed countries Finance, Government of Bangladesh; H.E. Mr. Tofail such as Bangladesh. It was particularly important to boost Ahmed, M.P., Minister for Commerce, Govt. of investment in infrastructure, ICT and social development. Bangladesh; H.E. Prof. Gowher Rizvi, Adviser to the Trade and foreign direct investment (FDI) were central to Hon’ble Prime Minister for International Relations, human civilization and should be promoted to create jobs for the poor. ESCAP could play a role in this regard. Government of Bangladesh; H.E. Mr. Rishad Bathiudeen, Minister of Industry and Commerce, Government of Sri He offered zero tolerance to terrorism and emphasized Lanka; H.E. Mr. Romi Gauchan Thakali, Minister for the need for peace and prosperity. He described Commerce, Government of Nepal; Dr. Mukhisa Kituyi, Bangladesh’s initiatives in developing infrastructure and Secretary-General, UNCTAD; Ms. Shamshad Akhtar, the challenges ahead. In particular, he noted his country’s Under Secretary General of the United Nations and vulnerability to climate change as described in the ESCAP Executive Secretary of ESCAP; ICC Bangladesh President Economic and Social Survey. Therefore, regional Mr. Mahbubur Rahman; Mr. Latifur Rahman, Vice cooperation to address these challenges was essential. He formally declared APBF open. President, ICC Bangladesh; Dr. Wencai Zhang, Vice-President (Operations), Asian Development Bank Mr. Abul Maal Abdul Muhith, M.P. (ADB); Dr. Victor K. Fung, Former Global Chairman of H.E. Mr. Abul Maal Abdul Muhith, M.P. noted that ICC and Chairman of Fung Group; and Datuk Seri enhanced regional cooperation and integration were Mohamed Iqbal Rawther, Chairperson of the ESCAP necessary but required a sacrifice in reduced national Business Advisory Council. sovereignty. While emphasizing the H.E. Mr. Md. Abdul Hamid, Hon’ble President of the importance of trade People’s Republic of Bangladesh in his inaugural address facilitation and recognized the role of APBF as an important regional energy for develop- platform for multi-stakeholder dialogue. He noted that ment, he also noted the Asia-Pacific Region had great potential and was the investment and characterized by rich diversity, abundance of natural connectivity gaps.
Annual Report 2017 15 In this regard, he noted that subregional cooperation objectives in areas within the framework of the South Asian Association for such as health for all Regional Cooperation (SAARC) held great promise and and rising GDP/ required a consolidation of national institutions under one capita indicators umbrella to avoid duplication. He called for enhanced were high compared integration in specific sectors, including in production and to its peers. Women consumption, with the ultimate aim to eliminate poverty development and from the sub-region. empowerment and social safety nets had also significantly increased. The Mr. Tofail Ahmed, M.P. country had built major infrastructure with its own resources and no longer faced prolonged power cuts. In his address, H.E. Mr. Tofail Ahmed, Mr. Rishad Bathiudeen M.P. noted that the global scenario is H.E. Mr. Rishad changing and that the Bathiudeen Asia-Pacific Region is remarked that Sri increasing in impor- Lanka was well on its tance and leading way to achieve globalization and regional integration initiatives. In this middle income context, he welcomed the conclusion of the 4th Round of status and the the Asia-Pacific Trade Agreement (APTA) and ratification importance of PPPs of four framework agreements and the progress made in this process. In under ASEAN. particular, PPPs had been successful in the areas of infra- structure, such as the development of transport, water, However, he warned against complacency and that poverty energy, sanitation, irrigation and urban development, remained a concern for the region. In this regard, there was including the development of port cities. He called for a need to continue the reduction of nontariff barriers to enhanced PPP initiatives and funding from the private boost trade and investment as engines of growth. He sector rather than from the Government. In other words, outlined the progress being made in Bangladesh with he called for private sector-led PPPs rather than public economic development under the current government sector led PPPs. under Vision 21 including digitization. Bangladesh had already achieved high growth rates and policies were Mr. Romi Gauchan akali implemented in support of business, trade and investment. H.E. Mr. Romi Gauchan Thakali noted the role of APBF as He noted that APBF provided a useful platform for a useful platform to promote private sector cooperation multistakeholder discussions on issues of importance to and dialogue. He the role of business in achieving sustainable development. emphasized the importance of the Prof. Gowher Rizvi SDGs, in particular as H.E. Dr. Gowher Rizvi noted the new reality of Bangladesh poverty continued to which did not match its reputation. In particular, he noted persist in the region. that Bangladesh had made remarkable progress in The region faced economic development despite the challenges and hostile major challenges such international environment. It had a well-established as climate change, natural disasters, corruption, terrorism, democracy and political stability which helped sustained cross-border crime, etc. development. In order to effectively address these challenges regional Success was also helped by increased remittances and an cooperation was required. In this context, he noted that his agricultural revolution in irrigation. Social development country, Nepal, should optimize the use of its abundant
16 Annual Report 2017 natural resources, as well as trade, investment, tourism, integration played technology transfer, etc. and pursue enhanced transport an important role and ICT connectivity for economic growth and prosperity. in fostering regional integration for eco- He noted that least developed countries faced severe nomic dynamism resource gaps, lack of effective market access, supply-side and this issue, along capacity constraints, regulatory red tape, etc. However, with seamless conn- Nepal had made progress in improving the enabling ectivity, enhanced environment for the private sector but increased investment financial cooperation and increasing economic and in state-of-the art technologies was still required. technical cooperation to address shared vulnerabilities and He concluded by identifying opportunities for Nepal such risks was discussed at the ministerial level in ESCAP. as agriculture, tourism, natural resources, and Ms. Akhtar emphasized the need to harness the capacity hydro-power which required larger inflows of FDI. of business to support implementation of the 2030 Capacity building and technical assistance was required to Agenda through financing, innovation and development help Nepal realize its full potential. of new technologies but the enabling environment for business, in particular at the national level, needed Dr. Mukhisa Kituyi improvement. In other words, the costs of doing business Dr. Mukhisa Kituyi highlighted three issues of importance: needed to be reduced. In this context, she referred to the (a) the importance of multilateralism and engagement; regional framework agreement on cross-border paperless (b) the need for the trade that ESCAP member States had adopted and was Asia-Pacific region now open for signature. She noted that the private sector to provide leader- was interested in the SDGs and many businesses were ship; and (c) the embedding the SDGs in their operations and pursuing need for global business opportunities related to achieving the SDGs. investment and role Initiatives such as the Global Compact helped business of Asia-Pacific as the align their strategies with the SDGs and selected ESBN leading source and task forces were helping develop responsible business destination of greenfield FDI. conduct models. She called on business to pursue new and deeper forms of partnerships to boost financing for Dr. Shamshad Akhtar development; science, technology and innovation; human resource development, South-South cooperation; and Dr. Shamshad Akhtar, Under-Secretary-General of the other forms of cooperation. United Nations and Executive Secretary of ESCAP opened her address by acknowledging the role of EBAC and ESBN She also called on EBAC to be revitalized to allow it to play in supporting APBF. She noted that regional cooperation a productive role in achieving sustainable development and has renewed its significance though progress has been regional integration. She concluded her address by noting uneven. There were unrealized opportunities, especially in that the next APBF would be held in Hong Kong in 2018 South Asia. The private sector played an important role in and hoped that the outcome of the Forum would feed into fostering regional cooperation and in financing the regional intergovernmental processes and, ultimately, infrastructure, global value chains, ICT and energy networks to the global High Level Political Forum. to achieve seamless regional connectivity but barriers to intraregional trade needed to be further reduced. Dr. Wencai Zhang
She identified new drivers of regional cooperation such as Dr. Wencai Zhang noted the importance of an enabling the 2030 Agenda for Sustainable Development, the environment for the private sector as driving force of ASEAN Economic Community, the Chinese Belt and economic growth and ADB’s commitment to harnessing Road Initiative, the Eurasian Economic Union single the strength of the private sector. The private sector economic space, APTA and the Regional Comprehensive contributed to regional integration and could contribute to Economic Partnership Agreement which was still under inter-governmental initiatives. In particular, the large needs negotiation. ESCAP supported all these processes. Market for infrastructure investments required private sector
Annual Report 2017 17 contributions and As part of this architecture he observed that: (a) the participation. He Asia-Pacific region is the powerhouse of the world and noted that the should take a lead; (b) young people deserve special private sector also attention as they shape the future; (c) the SDGs are guiding contributed to tech- force for the private sector and decent jobs and that, in this nology and innova- regard, business tion to meet social should adopt princi- and environmental ples of responsible development goals, for instance, through the development business conduct; of renewable energy technology. The private sector’s (d) regional and contribution to PPPs and expansion of global value chains subregional cooper- for inclusive growth was also noted. ation played a critical role for the imple- Dr. Victor K. Fung mentation of SDGs; (e) legislation was required to make all parties comply with Dr. Victor K. Fung noted the achievements of Bangladesh achieving SDGs. He concluded by noting that Bangladesh under the MDGs and current initiatives to achieve the SDGs. had achieved most Millennium Development Goals and He observed with was striving to achieve the SDGs. The private sector concern that there remained engaged with the Government. APBF was a was a rise in global useful platform to articulate strategies for public-private anti-globalization partnerships (PPPs) to achieve the SDGs. sentiments but that protectionism was Mr. Latifur Rahman not the answer. Mr. Latifur Rahman delivered vote of thanks. In his address China had taken the lead in promoting globalization for joint he said "on behalf of Members of ICC Bangladesh we prosperity. In this regard, the Silk Road project cum One extend warmest felicitations to all our guests from abroad". Road One Belt or Belt and Road Initiative (BRI) held great He particularly promise for infrastructure connectivity and intraregional thanked the Honou- trade and, ultimately, for achieving the SDGs. rable Ministers from Sri Lanka and Nepal China’s motive for the BRI was to focus on social and for taking time off environmental benefits rather than mere economic growth. their busy schedule Issues such as innovation, high tech and robotics played an to join APBF 2017. important role in the BRI. He thanked all the He also observed that the new normal in China entailed a speakers and discussants who have graciously agreed to shift towards domestic consumption with reduced job speak in the different sessions of the Forum. opportunities in exports. As demand from OECD countries was declining, developing countries could fill the Datuk Seri Mohamed Iqbal Rawther gap through a rising middle class. Mr. Datuk Seri Mohamed Iqbal Rawther noted that APBF was the product of UNESCAP under the UN system and Mr. Mahbubur Rahman that APBF 2017 had reached a new level ICC Bangladesh President Mr. Mahbubur Rahman in his which should provide welcome address noted that APBF has been the best the benchmark for platform for regional multi-stakeholder dialogue since its future sessions of the inception in Shanghai in 2004. He observed that the world Forum. With regard economy was not delivering desired social outcomes and to the China-led BRI that a new global architecture was required under the he noted that there 2030 Agenda for Sustainable Development that would had been an Islamic precedent in the past. He thanked all leave nobody behind. speakers.
18 Annual Report 2017 Ministerial Plenary Session Linking Business with the Sustainable India and Nepal motor vehicle agreement at the earliest.He Development Goals: what can we do? also suggested developing more economic corridors inside the country, like special economic zones in Bangladesh, or The plenary session was moderated by H.E. Mr. Tofail along the border. The Manila-based multilateral lender will Ahmed, M.P., Minister of Commerce, Government of continue its support in different projects in this region and Bangladesh. Ms. Shamshad Akthar, Executive Secretary of take up more projects. “Primarily, the private sector should ESCAP delivered introductory remarks. In her remarks she come forward first for implementing the projects", he said. said “It can make profound contributions to regional integration and sustainable development.” Research Last year, the ADB as a regional bank delivered $17.5 indicates 71 percent of the businesses are already planning billion, where $14 billion was co-financed, he said. It has on how to engage with the sustainable development goals, extended $1.1 billion to Bangladesh and is trying to while 41 percent will embed the SDGs into their business provide more funds such that the country can implement operations, she added. the seventh five-year plan easily, Zhang added.
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Ministerial Plenary Session : Chaired by H.E. Mr. Tofail Ahmed, M.P., Minister of Commerce, Govt. of Bangladesh
The private sector can play a vital role in regional Nepal, Bhutan, Bangladesh, the north-east India and West integration and poverty reduction by creating jobs for the Bengal are integrated, said Gowher Rizvi, foreign affairs young generation, said Mukhisa Kituyi, Secretary-General adviser to the prime minister. “This sub-regional cooperation of United Nations Conference on Trade and Development. has a common desire to fight poverty, manage water By aligning themselves with the SDGs, the private sector resources and water problems.” The South Asian subregional stands to potentially benefit from $12 trillion worth of cooperation agreed in numerous areas to provide seamless business opportunities globally, which could create almost movement, he said, adding that the government is working to 380 million jobs by 2030. upgrade the existing transport infrastructure.
“Such partnerships must go deeper and should focus on key Rizvi said the government can do with a helping hand areas of inclusive and sustainable development that are of from the private sector as upgrading of infrastructure mutual interest, including science, technology and needs massive investment. Besides, the following speakers innovation, human resource development, infrastructure made statements: H.E. Mr. Romi Gauchan Thakali, development and multi-dimensional south-south Minister for Commerce, Government of Nepal; Tan Sri cooperation,” Mukisha added. Deeper regional integration Dato’ Dr. Michael Yeoh, Chief Executive Officer/Director and more investment in infrastructure are needed to create of the Asian Strategy & Leadership Institute (ASLI); and an environment for more crossborder investment, he said Mr. Abul Kalam Azad, Principal Coordinator, Sustainable Wencai Zhang, vice-president of the Asian Development Development Goals Affairs, Prime Minister’s Office, Bank, called for implementation of the Bangladesh, Bhutan, Government of Bangladesh.
Annual Report 2017 19 The main observations, conclusions, recommendations as responsible or “green” stock exchanges; and outcomes of the ministerial plenary session were as • Achieving the SDGs needs to be part of corporate success follows: and growth. SDGs provide business opportunities in • Regional integration and connectivity are required to areas such as sustainable agriculture, energy and cities; achieve the SDGs. Business led trade and investment Business contribution to SDGs and adoption of are essential building blocks of regional integration; responsible business practices need to be monitored through mechanisms such as the Global Compact; • Global challenges require global solutions. Current anti-globalization trends and retreat from • In order to enhance regional connectivity, private multilateralism are major challenges the world is sector investment in infrastructure is required; facing today. There is consensus that the benefits from Bangladesh can act as a bridge between South Asia and globalization need to be more equitably distributed. South-East Asia. However, the country and other least The Asia-Pacific region could take the lead in developed countries are in need of technical assistance addressing weaknesses associated with globalization as and capacity building to help them achieve the SDGs; it was both a leading source and destination of FDI; • There is no return to the government-led development • National policy agendas need to be aligned with the paradigms of the 1960s/1970s. It is now the turn of the SDGs. Various SDGs have a link with business and private sector to take the lead in development. trade; FDI and global value chains (GVCs) play an However, for that purpose, the private sector needs the important part in regional integration. In this context, support from governments and the international it is important to forge effective integration of small community; and medium-sized enterprises (SMEs) into GVCs; The • In particular, public-private-civil society tripartite development of services in areas such as health, partnerships are important to achieve the SDGs but to finance and tourism held great promise for achieving be effective they require an enabling environment, the SDGs; including a proper regulatory framework and While • Globalization and participation in GVCs expose governments could ease the tax burden of business business to risks which can be reduced through global they still required fiscal revenue to provide public and regional cooperation and public-private goods and services. In particular, governments need to partnerships; Trade has increased through enhanced speed up regulation to keep pace with technological connectivity but South Asia remains the least progress. integrated subregion in the world. Addressing common challenges, in particular reducing poverty, Supporting SDGs through digital nancial requires cooperation, not confrontation; models by inclusive business
• Countries should move from promoting investment This session was moderated by Dr. Salehuddin Ahmed, and trade to active investment facilitation through former Governor, Bangladesh Bank. Technology, their investment promotion agencies; innovation and suitable regulations are the key to deepening financial inclusion, analysts said. “We need a • It needs to be recognized that individual countries grand alliance to create a new inclusive model where the have different priorities and achieve their development government, mobile operators, payment service providers, objectives at different speeds; Business needs to be on banks and users will get a common platform with only one board to achieve the SDGs not only through the objective in mind,” said Muhammad A (Rumee) Ali, adoption of enhanced production models and chairman of ICC Bangladesh Banking Commission and digitization but also through the adoption of CEO of Bangladesh International Arbitration Centre. responsible business practices and conduct and a Mr. Ali said bKash, a mobile financial service provider, did higher sense of business ethics and accountability. a great job in Bangladesh so far but it is only a payment Sustainable business is good business; system, which helps to transfer money. He stressed the need • Industry-based sustainability models could provide for proper identification of the customers for suitable wallets guidance to help business contribute to the SDGs, such and a balanced regulation regime. The country needs fast and
20 Annual Report 2017 cheap payments, which will also help create a digital Besides, the following speakers made statements: Prof. Dr. currency; here, the last mile access is very important, said Naoyuki Yoshino, Dean, Asian Development Bank Institute; Ali. Salehuddin Ahmed said the regulator should not be Mr. George Kam Ho Yuen, Board Director, Industrial and extra cautious or careless about any new technology. “We Commercial Bank of China (Asia); Mr. Phang Yew Kiat, can't stop technology but we need to be careful about it. Vice Chair and CEO of Credit China FinTech Holding
Session on supporting SDGs through digital nancial models by inclusive business : Chaired by Dr. Salehuddin Ahmed, former Governor, Bangladesh Bank We need to try to find out the people behind the technology, Limited; Mr. Vineet Sachdev, Director, BOSS BPO (a unit of their purpose and how they are using it. “The regulator Bahri Trading Company, Sachdeva Group). shouldn't put everything on the bank's shoulder.” Barbara The main observations, conclusions, recommendations Meynert, chair of ESBN Task Force on Digital Economy, said and outcomes of the session were as follows: technological challenges do not create any barriers. Rather, it is regulation that is the main obstacle to financial digitisation, • As many people have no bank account digitization of she added. Ten years ago, China was a cashdriven economy cash and currency (digital liquidity) rather sooner than later is required to better address corruption and but now 75 percent of their transactions happen through black money, increase tax revenue and generally technology, because of a change in regulation. The same achieve the SDGs leaving nobody behind; thing happened in India as well, she added. • Digitization is consumer-friendly, low cost and Kamal Quadir, chief executive of bKash, said people earlier therefore pro-poor as most people have access to the used to keep their money under their mattresses, but they Internet in some form or another (e.g. cheap smart now go for a digital format. Money is sent from one mobile phones). Cash is costly; Digitalization and digital to another, which reduces the cost of human intervention. finance provides affordability, convenience, security It will lead to achieving the SDGs before the targeted time and efficiency to a wide range of customers, many of of 2030, said Quadir. “This innovation gives advantages whom have no bank account; with some kinds of challenges. And just because there are • In order to achieve effective digitalization of currencies challenges, it doesn't mean that we shouldn't pursue the and money regulation needs to be stepped up, solutions.” including for enhancing cyber security. However, it is recognized that there are regulatory challenges that Mahtabuddin Ahmed, managing director of Robi, said need to be effectively addressed; mobile operators have the investment and technological • Effective digital financial platforms for payments, capability as well as the platform to give financial services. settlements and storage need to be designed on the Arastoo Khan, chairman of Islami Bank Bangladesh Ltd, basis of a grand alliance which brings together all said digital financial services will be the real game changer stakeholders, such as retail agents, Internet (e.g. and they are going to concentrate on the issue, though e-commerce) companies, government, regulators, there are some challenges. customers and financers; Sohail RK Hussain, managing director and CEO of City • Digital technologies can help the mobilization of Bank Ltd, said digital banking will help establish a cashless start-up and venture capital with Internet companies society and that will play an important role in achieving as intermediaries. Such technologies should also enable further economic growth. companies to advertise and sell online on a trial basis;
Annual Report 2017 21 • Internet companies can use big data to extend effective Senior Secretary, IRD and Chairman of National Board of credit and credit guarantees for SMEs with no credit Revenue Nojibur Rahman highlighted the role of the NBR record; in facilitating trade and said importance of cooperation, • Though commercial banks and financial institutions coordination, coherence, communication and courage are face technology disruption in their services, there necessary to ensure trade facilitation for establishing would still be a role for them as they have advantages regional integration. in terms of financial expertise, and having a strong Highlighting the potential of Bangladesh Bhutan, India and customer base and credit records. However, banks have Nepal (BBIN) sub-regional forum, he said NBR is also to upgrade Internet based technologies, including the working on avoiding double taxation through intraregional expansion of smart branches; dialogue. • There is a broad scope of fintech, including block chain and others. Financial technology needs to be Secretary (Asia and Pacific) Ministry of Foreign Affairs combined with innovative business models to achieve Mahbub Uz Zaman said trade and transport facilitation success and growth; helps reduce cost of doing business significantly. He hoped that benefits would be derived equally by all irrespective of • Fintech companies need to adapt to new regulation traders, producers, workers and consumers. People- and fast-changing technologies and digitization of topeople connectivity in this regard works as a pillar for currencies. At the same time, regulators need to adapt facilitation, he added. to allow fintech companies to deliver and grow. Regulation needs to be balanced with innovation. It Country Manager, Bangladesh, Bhutan & Nepal, IFC, should be neither over-cautious nor over-zealous; World Bank Group Wendy Jo Werner highlighted the need • Mobile banking provides useful services to non-bank for private investment and private sector development for people. New digital applications, such as e-Wallet for improving trade and transport arenas and said Bangladesh online payment, continue to emerge; could get benefit through improving logistic facilities and • Artifical intelligence can be used for business ratings. efficiency level in both export and import. She hoped that some major transport projects taken under public-private Supporting trade and transport facilitation for partnership might bring changes in efficiency level. In its regional integration absence, like many other countries, Bangladesh remains behind in export and import ratio. She said all these are This session was moderated by Mr. Hedayetullah Al important for sustainable development by increasing Mamoon, ndc, Senior Secretary, Ministry of Commerce. connectivity and transportation. Speakers at the session highlighted the necessity of regional integration through investment from public and private Dr Mustafizur Rahman, Executive Director of Centre for sectors and uniform policies and system. They said this Policy Dialogue, laid importance to south south trade to would ease the cost of doing business. The speakers were reduce cost of trade facilitation saying that it is still high sharing their views on major obstacles, role of governance in South Asia. Pointing to other regional integration in and infrastructure needed for promoting trade and the name of one belt, one region and BIMSTEC free trade, transport facilitation. he said integration with South Asia and South East Asia is
Session on supporting trade and transport facilitation for regional integration : Chaired by Mr. Hedayetullah Al Mamoon, ndc, Senior Secretary, Ministry of Commerce, Govt. of Bangladesh
22 Annual Report 2017 necessary to grab enormous opportunities of the 21st The main observations, conclusions, recommendations century and reach the desired goal of becoming a middle- and outcomes of the session were as follows: income country as well as upper middle-income country. • Trade, investment and transport should be addressed Trade facilitation is the best way to translate cooperative in a holistic manner; advantage into competitive advantage by reducing • The ESCAP/World Bank Trade-Cost database revealed tariff-related costs, he said also laying importance to that trade costs in the region were still quitehigh, comprehensive agreement on various issues including mostly policy-related, and needed to be reduced; common standard certification, harmonized border • Integration and cooperation at subregional and system, investment in human resource development and regional level were required to facilitate trade and integrated electronic data system. transport. In this regard, South Asia was lacking Dr Ravi Ratnayake said trade and transport facilitation is behind ASEAN and other subregions. In particular, neglected in the field of regional integration. The SAFTA should reduce the negative list; government has a role in trade facilitation by reducing • ESCAP’s Asian Highway and Transnational Railway policyrelated cost, he added. had greatly contributed to transport connectivity and Though the Asia and Pacific region has champions like facilitation in the region. China’s Belt and Road Singapore, he said it also has countries like Bangladesh Initiative was also identified as an important modality which remain quite behind the rating in trade facilitation. for regional integration in addition to major regional He suggested opening up of single window at national and bilateral trade agreements among key countries of level, proper utilization of PPP in terms of financing and the region; taking efforts to implement WTO agreements. • Trade and transport facilitation had to be addressed along three pillars: border documentation; border Country Head of Banking, Standard Chartered Bank logistics; and behind-theborder logistics; Limited Naser Ezaz Bijoy laid importance to regional integration for reducing cost and time in trade for • In this regard, there was a need to reduce and economic growth and increasing purchasing power and harmonize customs regulations and procedures said foreign banks can provide support to improving among countries through the adoption of single traderelated investment. He said trade and transport windows, and reduce other non-tariff measures both facilitation helps decentralisation and increases income at and behind the border; generation activities for the region's 1.7 billion population. • Trade and transport facilitation required cooperation, coordination, coherence, commitment and courage. It He also laid importance to political consensus for also required the right policies, infrastructure, overcoming challenges and setting priorities due to institutions, procedures and regulations, technologies, conflicts among countries having close borders. resources, data and statistics; Professor Sheikh Morshed Jahan sought sustainable • Both a top-down (from governments) and bottom-up development for inclusive growth in the region saying that (from customers and business) approach was needed. regional integration can ensure this by developing ICT in particular played an important role in marketing system. He, however, called for focusing efforts facilitating trade; to avoid frustration that may be created in the process as producers do not get fair prices. • Cross-country motor vehicle agreements among countries were an important modality to facilitate Mr David Morris said the region has massive potential for transport. In addition, countries should adopt the growth having common history, economic zones with Customs Convention on the International Transport quality food, blue ocean and fish farming. He pleaded for a of Goods under Cover of TIR Carnets (TIR longterm plan to get the benefit. He said a strategy should be Convention) and various countries, including China, to go for highquality production not only to get market in had already done so; the Asia-Pacific region but also in other parts of the world. • Countries were encouraged to establish joint trade and Mr Bipul Chatterjee pleaded for regional integration for transport facilitation committees or bodies and the ease of doing business and reducing the cost of trade. enhance knowledge sharing among them;
Annual Report 2017 23 • While the need for value-addition is recognized, rules • Political commitment and the setting of realistic of origin in regional and bilateral trade agreements agendas were important to achieve meaningful trade should contribute to trade facilitation and not and transport facilitation; Commercial banks played constitute another NTB; an important role in facilitating trade as they provided trade finance; • In promoting trade and transport facilitation, special attention should be paid to the landlocked least • Businesses need to adopt long-term strategic thinking developed countries; Trade and transport facilitation on products andmarkets to promote their growth and should not only benefit traders but also producers, sustainability and investment objectives. For instance, workers and consumers and lead to inclusive growth; China’s growing middle class had led to demand for boutique products from the Pacific and this, in turn, • People-to-people connectivity was important to had led to expanding air-links between China and the facilitate trade; Countries were encouraged to ratify Pacific, opening up opportunities; and implement the WTO Agreement on Trade Facilitation and the regional framework agreement on • Countries need to pursue comprehensive Sanitary and cross-border paperless trade under ESCAP; Phyto-Sanitary Agreements (SPS) based on mutual recognition agreements (MRAs) to facilitate • There was scope to reduce the lead-time for delivery of cross-border trade. At the national level, they need to products across supply chains, e.g. in readymade improve standards and testing institutions to ensure garments. In this context, the role of intermediaries in compliance with international standards; the supply chain is critical and they should improve their efficiency. For that purpose, and to promote the • There was a need to invest in human resources role of trade facilitation in achieving the SDGs, development of customs officials; Aid for trade should sustainable market eco-systems that link all GVC target trade facilitation; Protectionism, including an actors (including regulators and facilitators) should be increase in G20 trade restrictive measures, should be promoted; Urban and rural development could be actively fought in WTO; Avoidance of double taxation boosted through the improvement of urban and rural agreements facilitated FDI and trade but in practice transportation, respectively; they were not so easy to conclude.
• Trade facilitation had been neglected in favour of trade Supporting and Empowering disadvantaged liberalization but had slowly become centre stage of msmes to become more competitive and current attention. Trade facilitation measures were sustainable needed at the national level (through single window), regional level (e.g. the ESCAP regional framework This session was moderated by Mr. Md. Mosharraf Hossain agreement), and global level (through WTO); Bhuiyan, ndc, Senior Secretary, Ministry of Industries of
Session on Supporting and Empowering disadvantaged MSMEs to become more competitive and sustainable : Chaired by Mr. Md. Mosharraf Hossain Bhuiyan, ndc, Senior Secretary, Ministry of Industries, Govt. of Bangladesh
24 Annual Report 2017 the Government of Bangladesh. Mrs. Rokia Afzal Rahman, ministry. Regulatory framework for SMEs should not be Vice President, ICC Bangladesh said access to finance stringent, he added. remains one of the major impediments to growth of micro, Besides, the following speakers made statements: Prof. Ken small and medium enterprises (MSMEs) even though the Yan Cheng Pan, President, Trade & Industry Association of firms generally have a good track record of repayment. Singapore and Mr. Sandro Calvani, Senior Adviser on “SMEs are not defaulters and women entrepreneurs pay Strategic Planning, Mae Fah Luang Foundation, Thailand. back all the time,” Rokia Afzal Rahman added. The main observations, conclusions, recommendations Rokia Rahman said the banks and policymakers should and outcomes of the session were as follows: come forward to support the growth of MSMEs for poverty reduction and attainment of the sustainable development • SMEs are recognized as prime mover of goals by 2030. She said she has been with a financial industrialization and engine of economic growth and development. However, they faced multiple challenges, institution for the last 30 years whose 80 percent of the in particular lack of access to finance, technology, loans are given to SMEs. “What I find is that SMEs are not markets and knowledge, (market) information and willful defaulters. Sometimes they might get into serious expertise; standards compliance; access to testing; and problems. The borrower dies or might get into some effectively utilizing ICT. serious problems.” If one SME does not pay back, it will not cause much of a dent to the bank's balance sheet. “But if a • Bangladesh had demonstrated the importance and big borrower defaults, your entire money is gone.” success of microfinance schemes consisting of collateral free loans to poor people, in particular She went on to suggest that banks should learn from the women. Experiences with such schemes had microfinance programme. “We have to sensitise the demonstrated that poor people, women, and small bankers. We have to ask the government to come forward borrowers had better credit records than big with certain policies to support the SMEs,” Rahman added. borrowers.
Speakers said the segment is one of the key drivers of the • SME loans were not profitable to banks. However, Bangladesh economy and generators of jobs. But the banks could reduce risks by distributing loans to a enterprises suffer from various constraints mainly larger group of SMEs rather than extending one loan inadequate access to credit and lack of skill and training to a single big borrower. Governments should help and market access. reduce the risks for banks.
After agriculture, SMEs in Bangladesh constitute the largest • Only a small percentage of SMEs engaged in segment of the private sector economy, said Momtaz Uddin international trade but their involvement through Ahmed, director of SME Foundation. The SME sector value chains and e-commerce was increasing. In this employs 70-80 percent of non-agricultural workforce. regard, major challenges involved protecting Ahmed, also an honorary professor at the University of intellectual property rights, ensuring cyber security, facilitating access to trade finance, and facilitating Dhaka's economics department, said 30-32 percent of the trade through easier customs clearing procedures and SMEs have access to institutional lending. He suggested a formalities. Grassroots enterprises needed support national database, formulation of a law and a separate bank most. for SMEs. • Small social enterprises often had a better record than ICC Chief Operating Officer Philip Kucharski said in other SMEs as long as the focus was on high quality addition to finance, SMEs need wider access to market, and professionalism, making people the centre of the training and knowledge to flourish. A lack of information company factors of success as evidenced by the on the market is also a problem for the SMEs, said Sampa experiences of the Mae Fah Luang Foundation of Banerjee, executive director of the World Association for Thailand. Small and Medium Enterprises. She suggested setting up an incubation centre for SMEs to grow. • In order to provide effective assistance to SMEs, a uniform definition of SMEs was needed to collect Common facilities and common standards can be set for meaningful data and statistics and formulate relevant the growth of SMEs in the region, said Md Mosharraf policies. On the basis of a uniform definition, a Hossain Bhuiyan, senior secretary of the industries national database of SMEs could be set up.
Annual Report 2017 25 • Other modalities to assist SMEs included the adoption The session addressed the following issues: of an SME Law, a specialized SME Bank and other • How can business assist governments in energy specialized institutions in areas such as technology, infrastructure investment for alternative and renewable skills, marketing and global networking. energy? • Special incubation platforms that helped start-ups and SME Centres across the country that linked SMEs with • How can the poor’s energy access issues be addressed? facilitators, business development service providers • Why isn’t sustainable energy being more widely and other agencies had proved a success in India. promoted? The main observations, conclusions, • Generally speaking, SMEs were helped most through recommendations and outcomes of the session were the improving of an enabling environment by an as follows: non-intrusive government, including reduction and • To meet energy demand, Bangladesh needed to streamlining of regulations. optimize production of energy. A balance of various sources including solar energy, wind energy, coalbased New Energy Realities: building a resilient and energy and development of hydropower were required. low-carbon future • Hydro-power generation at the regional level with This session was moderated by Mr. Nazimuddin Nepal, India and Bhutan possessed huge potential. Chowdhury, Secretary, Energy and Mineral Resources Bangladesh could have access to hydro power by Division, Government of Bangladesh. The following allowing those countries to use Bangladesh’s territory speakers made statements: Prof. Ainun Nishat, Professor to transport hydro power. As is known, hydropower Emeritus, Centre for Climate Change and Environmental was the jewel of Bhutan’s economy where it contributed Research, Bangladesh; Mr. Abrar A. Anwar, Chief Executive 15 per cent of the GDP. This form of energy employed Officer, Standard Chartered Bank, Bangladesh; Mr. Arbind a lot of people and enabled Bhutan to export Kuymar Mishra, Member of Nepal Planning Commission; considerable amount of renewable and clean energy. Mr. Arunabha Ghosh, Chief Executive Officer, Council on Energy, India; Mr. Karma Tshewang, Chief Engineer, • Significant amount of investment was needed to Department of Hydropower & Power Systems, Bhutan; Mr. develop renewable and alternative sources of energy. Kensuke Tanaka, Head of Asia Desk, OECD Development To induce investors to invest in renewable energy Centre; Prof. Dr. Badrul Imam, Department of Geology, generation, an enabling regulatory framework was University of Dhaka, Bangladesh; Mr. Mahmood Malik, needed and investors should be protected by the Chief Executive Officer of Infrastructure Development government so that they were able to obtain decent Company Ltd., Bangladesh. returns on their investment.
Session on New Energy Realities-building a resilient and low-carbon future : Chaired by Mr. Nazimuddin Chowdhury, Secretary, Energy and Mineral Resources Division, Govt. of Bangladesh
26 Annual Report 2017 • Cross-border energy trade in which neighbouring • What are available measures and tools for business to countries engaged in export and importing energy promote climate change adaptation? from each other could boost energy access to those countries. • How can we facilitate public- private partnerships in disaster risk reduction and climate change adaptation? • Nuclear energy emitted least amount of carbon among The main observations, conclusions, recommendations all sources of energy and was less costly than and outcomes of the session were as follows: generating solar energy or wind energy. However, nuclear waste could cause harm to mankind. • The Asia-Pacific region continued to witness the Bangladesh should develop the needed expertise in increasing disaster- induced economic costs that managing nuclear waste. threatened the attainment of the SDGs. The business sector as one of development pillars bore most of the Devising Strategies for Resilience: role of disaster-induced damage and losses, and SMEs, due to business in disaster risk reduction and climate their peculiar characteristics, were often most change adaptation devastated by disaster impacts.
This session was moderated by Mr. Asif Ibrahim, Chair of • Disaster-resilient business strategies, approaches and the ESBN Task Force on Disaster and Climate Risk operations for business, particularly SMEs, were Reduction. The following speakers made statements: urgently needed to ensure businesses’ own
Session on Devising Strategies for Resilience: role of business in disaster risk reduction and climate change adaptation Mr. Puji Pujiono, Regional Adviser on Disaster Risk competitiveness and profitability as well as to ensure Reduction, ESCAP; Mr. Emdadul Haque, Additional that they contribute to the resilience of society at large. Secretary, Executive Member, Planning & Development, • The international community initiated the Connecting Bangladesh Economic Zones Authority (BEZA); Mr. Business initiative (CBi) for the private sector to Daniel Gilman, Humanitarian Affairs Officer, Regional coordinate and access the tools, resources and Partnerships Unit, UN OCHA, Regional Office- mechanisms to collaborate in a more holistic, more Asia-Pacific; Mr. Md. Abdul Jabbar, Managing Director; strategic, and permanent way with the United Nations DBL Group; Mr. Nirvana Chaudhary, Managing Director, system, national governments and civil society and Chaudhary Group, Nepal; Ms. Madhura Mitra, through global coordination architecture networks. Manager-Sustainability, Pricewaterhouse Coopers India; Mr. Jared Berends, Senior Director and Operations and • The Bangladesh Economic Zones Authority (BEZA) Resource Management, World Vision, Bangladesh; and took the disaster and climate risk reduction Mr. Karma C. Nyedrup, Environment Specialist, National considerations into its business equation such as the Environment Commission, Government of Nepal. disaster and climate risk assessment during the identification and selection of sites and land The session addressed the following issues: acquisition; and ensuring the off-site infrastructure • What is the role and potential of business in disaster development and offering of incentive packages for risk management in Asia-Pacific? developers.
Annual Report 2017 27 • The DBL Group in Bangladesh was a major supplier social and environmental developments in order to of apparels to globally renowned retailers, which attain, ultimately, the happiness of the people of cooperated with GIZ and the government, to Bhutan. implement the international standard on the • The ESCAP Sustainable Business Network (ESBN) Occupation Health and Safety Assessment Series 18001. The formation of a social team to oversee Task Force on Disaster and Climate Risk Reduction employee welfare and safety translated to increased recognized the specific areas of cooperation that worker retention and productivity, as well as the could contribute to ESCAP’s programme on disaster mitigation of massive cost burdens from accidents risk reduction and resilience building and areas where and disasters. the work of ESCAP could provide policy relevant analysis to support members promoting and investing • The Chaudhary Group in Nepal suffered significant in resilience building in the communities in which damage and business disruption from the major they operate as well as better integrate disaster earthquake in April 2015. As the Group was recovering considerations into their operations and investments. towards normal production, distribution and consumption, it leveraged its business efficiency and • The Task Force identified the scope for the areas of resources to deliver, in addition to its commitment to interventions such as in addressing saline intrusion in build 10,000 transitional shelters, the reconstruction Bangladesh’s coastal areas, alleviating poverty and of more than 100 primary schools and 1,000 low- cost leveraging ICT to strengthen disaster resilience. homes in the mountainous affected districts. • The Task Force circulated for a peer review purpose, a • Pricewaterhouse Coopers continued to collaborate working draft of a regional guide entitled “Roadmapto with UNISDR to create a long term platform for Business Engagement in Disaster Risk Reduction in public-private collaboration on disaster risk Asia and the Pacific”. management. Learning that many companies made disaster risk reduction as their core focus and Economic Outlook and key policy challenges in developed unique capabilities, and that there were emerging asia largely untapped opportunities, the initiative helps companies to understand disaster risks, to respond This session was moderated by Mr. Masato Abe, Economic with a business strategy, a structure, a process, people Affair Officer, Business and Development Section; Trade, and technology, and to establish both the needed Investment and Innovation Division of UNESCAP and internal and external enabling environments. involved a presentation on the OECD Economic Outlook for Southeast Asia, China and India 2017: Addressing • World Vision International launched the Asia Energy Challenges by Mr. Kensuke Tanaka, Head of Asia Public-Private Partnerships Hub (Asia P3 Hub) as a Desk, OECD Development Centre. The Outlook was multi-sector incubator that drives market-based jointly produced by OECD, ESCAP and ERIA. The developmental solutions to bring about following discussants provided comments: Prof. Dr. transformational change. The Hub harnessed the Naoyuki Yoshino, Dean, Asian Development Bank expertise of the private sector and helped companies Institute; Mr. Kondoker Molam Moazzem, Additional leverage World Vision’s 50 year international experience and expertise, on working with Director, Research Centre for Policy Dialogue, Bangladesh; communities to address disaster and climate risk Mr. Mohamed Macky Hashim, Founder President of management. SAARC CCI; and Mr. Abul Kasem Khan, President, Dhaka Chamber of Commerce and Industry, Bangladesh. • Bhutan as a global leader in environmental conservation valued its partnership with the private The main observations, conclusions, recommendations sector. Large companies in Bhutan recognized the and outcomes of the session were as follows: importance of integrating sustainable development • Discussants highly appreciated the joint publication into their core strategies. There was scope for the that provides greater involvement of the private sector in policy-making and influence to integrate economic, • Practical policy implications to the region.
28 Annual Report 2017 • Transition from a middle income country to a high • Quality of infrastructure, which enhances connectivity income country would take about 20-40 years with among provinces and nations, associates positively structural and policy changes required. with spillover effects (e.g., private investment, employment, SME development) and increases tax • To avoid the middle-income trap, Asia-Pacific revenue. developing countries should pay increased attention to the quality and cost of education. Instead, they have focused more on the access of education so far. Closing Session The closing session was moderated by Dr. Debapriya • Robust growth in Emerging Asia is expected to continue though somekey risks, such as slowing Bhattacharya, Distinguished Fellow, Centre for Policy export growth, low interest rates in the advanced Dialogue, Bangladesh. Session moderators or their economies and sluggish productivity growth, need to representatives delivered summaries of their respective be addressed. sessions.
• The quality of governance is also an important factor Mr. Hongjoo Hahm made a closing statement on behalf of in the capacity to implement reform properly. For ESCAP. Mr. Mahbubur Rahman made a closing statement example, when the rule of law improves, the informal on behalf of ICC Bangladesh. sector decreases. The governments are encouraged to Speakers at the two-day event at the Sonargaon hotel in foster effective public and private dialogues for the Dhaka recognised the significant role businesses can play in enhancement of governance.Governments should implementing the Sustainable Development Goals (SDGs) mobilize more resources through effective taxation for infrastructure development in Asia and the Pacific that go beyond just providing decent jobs. “The role of the where infrastructure is relatively low quality. private sector in implementing theSDGsis enormous,” said Hongjoo Hahm, deputy executive secretary of the United • Although regional integration has achieved significant Nations Economic and Social Commission for Asia and the progress in a number of areas, such as trade tariff and Pacific (UN-ESCAP), in the concluding session. He said transport infrastructure, particularly among the strategies have to be better aligned for the private sector's ASEAN member states, it is still at a relatively slower contribution. pace. Fossil fuels remain the main source of energy in emerging Asia where renewable energy sources, such as Debapriya Bhattacharya, distinguished fellow of the Centre solar and wind, must be promoted perhaps through the for Policy Dialogue, said the world is going through a carbon pricing option, which has not been popular in turbulent transition. He said the scenario has totally Asia and the pacific but can make fair pricing based on changed from what was five years ago when the role of the CO2 emission for users. For this purpose, regional globalisation was applauded and that now people are cooperation on renewable energy is crucial. talking about its pitfalls.
Session on Economic Outlook and key policy challenges in Emerging Asia
Annual Report 2017 29 The noted economist said new types of disasters are The private sector, governments, civil societies and appearing, such as those in the form of Ebola and Zika, development partners will have to work together to along with natural calamities. Bhattacharya, however, also improve quality of life, he said.
The session on supporting trade and transport facilitation for regional integration advocated for not keeping any sensitive list of products under regional trade agreements. Schemes like "Everything but Arms" may be followed, it added.
Speakers in the session commended completion of regulatory procedures in a single day and effective implementa- tion of agreements under initiatives such as BBIN (Bangladesh-Bhutan- Closing session : Chaired by Dr. Debapriya Bhattacharya, Distinguished Fellow, Centre for Policy Dialogue, Bangladesh India-Nepal), the BCIM Corridor talked about opportunities in times of trouble. “...it is (Bangladesh– China–India– Myanmar Forum for Regional temporary. But those who survive are tough people and Cooperation) and the BIMSTEC (the Bay of Bengal countries,” he said. During turbulent times, Asia remains Initiative for Multi- Sectoral Technical and Economic the beacon of hope, not only because of India and China Cooperation) for giving a big push to regional but also for new entrepreneurship and ongoing reforms in connectivity. Speakers said structural policy reforms need many countries even in the face of falling exports and to be strengthened in areas of education, governance and productivity, he added. infrastructure, and that regional integration and quality infrastructure are very critical for sustainable growth. Bhattacharya said the continent is innovating not only in cases of reforms, policies, institutions, enterprises and Mahbubur Rahman, president of the ICCB, and Md inclusive finance. “Asia is also innovating regional and Mosharraf Hossain Bhuiyan, senior secretary of the sub-regional cooperation,” he said. “On one hand, you have industries ministry, also spoke at the concluding session. the turbulent transition. On the other hand, we have the most ambitious programme, namely SDGs,” he said, Press Brie ng adding that it remains to be seen how a bridge can be built The two-day Asia Pacific Business Forum (APBF) ended between the turbulent transition and delivery of the with a call on the private sector to play a greater role in ambitious 2030 Agenda. implementing the Sustainable Development Goals (SDGs) said Mahbubur Rahman, President, International Chamber “It is the role of the private sector by way of delivering and of Commerce-Bangladesh at the press briefing on 09 connecting the two and implementing the SDGs. It is much February evening. beyond the corporate social responsibility and it is much more about ethical business,” he said. Bhattacharya said In the statement Mahbubur Rahman said the business business leaders themselves have spoken about the new could play a significant role in implementing the SDGs, partnership with the government and the civil society, and going beyond just creating decent jobs, enhancing strategic partnership across borders with. “That gives us the resources and energy efficiency, generating income and hope,” he added. reducing inequality. He said the Forum called for promoting foreign direct investment, improving Asif Ibrahim, chair of the ESCAP's taskforce on disaster infrastructure and facilitating cross-border trade to ensure and climate risk reduction, presented recommendations that the private sector contributes to achieving the SDGs. from one of the sessions he moderated. "The SDGs has been designed in such a manner that private The entrepreneur said a central network can be established sector participation is essential to achieve these goals," said where businesspeople will share their practical experiences Mr. Rahman, who has become the new Chairman of in order to reduce disaster risks. UNESCAP Business Advisory Council.
30 Annual Report 2017 Delegates observed that Bangladesh needed to optimise the In the press briefing Mahbubur Rahman also informed that production of energy to meet its growing demand. In this the next Asia Pacific Business Forum will be held early next context, they called for a balanced mix of various energy year in Hong Kong.
ICC Bangladesh President Mahbubur Rahman is brie ng the Press at the end of the two-day Asia Paci c Business Forum (APBF) sources, including solar, wind, coal and hydropower. The ICC Bangladesh Annual Council Suggested for conference was told that hydropower generation at the clear direction and path must for sustainable regional level with Nepal, India and Bhutan possessing global growth huge potentials while Bangladesh could have access to such energy sources if the country allows these countries to use ICC Bangladesh President Mahbubur Rahman presenting its territory to transmit the hydropower. the Executive Board Report at ICCB Annual Council 2016 on May 25. Also seen in the picture ICC Bangladesh Vice It also called for greater investment in developing Presidents Latifur Rahman (2nd from Left), Rokia Afzal renewable and alternative sources of energy and an Rahman (3rd from right), MCCI Vice President Golam enabling regulatory framework to attract investment in Mainuddin (2nd from right), Envoy Group Chairman renewable energy generation. Calling for supporting trade Kutubuddin Ahmed (extreme right) and ICC Secretary and transport facilitation for regional integration, General Ataur Rahman (extreme left). speakersatthe conference said the sensitive list of trade must be reduced to zero under the regional trade The global economy is currently at the crossroads and it is agreements whereas the schemes such as 'Everything but in desperate need of sufficient courage, wisdom and Arms' should be the reference point. responsibility from around the world to chart a clear direction and path for sustainable economic growth, said The authorized economic operators should be allowed to ICC Bangladesh President Mahbubur Rahman while work as a third party agent to facilitate customsrelated presenting the Executive Board Report at the ICC procedural issues, the delegates said. The forum proposed Bangladesh Annual Council held in Dhaka on 25 May. to establish a single window facility at the border points while ensuring that all the regulatory formalities were According to IMF some of the concerns of spillovers completed within one day. The conference also called for produced by the policies of the Donald Trump creating a 'customs clearing facilitation body' to arrange administration in the US and the post-Brexit UK might dialogues among the market and non-market economic eventually come true, producing a net negative outcome agents and try to come with actionable solutions. for the world overall economy, and the reshaping of the global economic landscape might turn out to be painful, Speakers also observed that SMEs in the least developed Mahbubur Rahman said. countries needed to be integrated with the international value and supply chains. They also called for initiating The ongoing revaluation of the dollar poses a disruptive regional financing schemes to be specific for the risk to international trade, rendering commodities and micro-SMEs. primary-processing manufactured goods cheaper, and
Annual Report 2017 31 technology and sophisticated machinery dearer. This is become a middle income country. The foremost challenge putting many emerging markets in an increasingly lies with the stagnant private investment followed by weak disadvantageous position throughout the world, institutional capacity to implement development projects. Mahbubur Rahman added. To achieve its goal of middle-income country status by 2021 and to accelerate inclusive growth as well as reduce
ICC Bangladesh President Mahbubur Rahman presenting the Executive Board Report at ICCB Annual Council 2016 on May 25. Also seen in the picture ICC Bangladesh Vice Presidents Latifur Rahman (2nd from Le ), Rokia Afzal Rahman (3rd from right), MCCI Vice President Golam Mainuddin (2nd from right), Envoy Group Chairman Kutubuddin Ahmed (extreme right) and ICCB Secretary General Ataur Rahman (extreme le ).
This situation might entail a “race to the bottom” in the poverty and income inequality, the country will require a world economy, which might also include the competition substantial increase in yearly investments from 29.0% of in fiscal stimuli across the most prominent nations, and the GDP in FY2015 to 34.4% of GDP by FY2020, said ICCB already-wearing-down “war” of currency devaluations, President. fuelled by accommodative monetary policies in the Bangladesh economy embraces 2017 with some other Eurozone, Japan, and mainland China. challenges that include declining remittance and rising The Executive Board observed that the outlook for the nonperforming loans from the domestic side. Volatile global Asia-Pacific Region remains robust—the strongest in the and gulf region politics, and troubled European economy world, in fact—and recent data point to a pickup in pose threats as external sources. Following the European momentum. The near-term outlook, however, is clouded Debt Crisis and depreciation of different currencies against with significant uncertainty, and risks, on balance, remain the US dollar, the pace of recovery of the European Union slanted to the downside. Medium-term growth faces economies -- the primary destination of Bangladeshi exports secular headwinds, including from population aging and -- will be critical in 2017, the Council Report added. sluggish productivity. Macroeconomic policies should The Council adopted the Executive Board Report & continue to support growth while boosting resilience, Audited Financial Statements of ICC Bangladesh for the external rebalancing, and inclusiveness. The region needs year 2016. structural reforms to address its demographic challenges and to boost productivity. ICC Bangladesh President Mahbubur Rahman presented memento, on behalf of the Executive Board, to Kutubuddin Despite the fact, Bangladesh will be among the top three Ahmed, Chairman, Envoy Group and Mostafa Kamal fastest growing economies in the world by 2030, Price water Founder & Chairman, Meghna Group for achieving house Coopers (PwC) has said. The Report titled ‘The long DHL-The Daily Star Business Award. view: how will the global economic order change by 2050?’ predicts that Bangladesh could rise in the ranks by Among others, ICCB Vice Presidents Latifur Rahman & achieving an average annual growth of 4.8% over the next Rokia A. Rahman; ICCB Board Members Aftab ul Islam; 34 years. Anwar-Ul-Alam Chowdhury (Parvez); Md. Fazlul Hoque; Mir Nasir Hossain; R. Maksud Khan; MCCI Vice President; Although, Bangladesh faces formidable challenges in Golam Mainuddin, ICCB Secretary General Ataur moving to a higher growth path of 8 percent plus GDP to Rahman, ICCB Members, Md. Abdul Jabbar, Managing
32 Annual Report 2017 Director, DBL Group; Parveen Mahmud, FCA, Chairman, Uruguay as well as by representatives of Colombia, Guyana, Shasha Denims Ltd.; Muhammad A. (Rumee) Ali, CEO, Mexico, Peru and Suriname. Bangladesh International Arbitration Centre (BIAC); On 11-12 December the plenary sessions provided an Francois de Maricourt Chief Executive Officer, HSBC opportunity for ministers representing the WTO's 164 Bangladesh; Md. Hashem Chowdhury, Additional members to make prepared statements.At the closing Managing Director & COO, Mutual Trust Bank Limited; session on 13 December, the MC11 Chair, Minister Syed Waseque Md. Ali, Managing Director, First Security Malcorra, issued a Chair's statement and Director-General Islami Bank Limited; Choudhury Moshtaq Ahmed, Roberto Azevêdo delivered his closing speech. Additional Managing Director, National Bank Limited; Sajedul Islam, Acting CCO, Citibank N.A.; Md. Akhter The vice-chairs of the Conference were H. E. Dr Hossain, Deputy Managing Director, Shahjalal Islami Okechukwu Enelamah, Nigeria's Minister of Industry, Bank Ltd.; Md. Majibur Rahman, Representative, Sonali Trade and Investment, the Honourable David Parker, New Bank; Md. Khalilur Rahman, Managing Director, Zealand's Minister of Trade, and Mr Edward Yau, National Housing Finance and Investments; Syed Secretary for Commerce and Economic Development of Moinuddin Ahmed, Additional Managing Director, Hong Kong, China. Green Delta Insurance Co. Ltd.; Khawza Manzer Nadeem, On the final day of the conference, three proponent groups Managing Director, United Insurance Company; Rubaiyat announced new initiatives to advance talks at the WTO on Jamil, Managing Director, ICE Technologies; Basirun the issues of electronic commerce, investment facilitation Nabi Khan, Representative, H&M; Rizwan-Ur Rahman, and micro, small and medium size enterprises (MSMEs). Managing Director & CEO, ETBL Securities & Exchange Ltd.; Mohammad Shahjahan Khan, Managing Director, S. Other notable events at the Conference included the S. Shipping & Chartering Ltd.; and Sandeep Gujral, publication of the Buenos Aires Declaration on Women Senior Vice President, Li & Fung Bangladesh Limited. and Trade, the launch of the "Enabling E-commerce" initiative and the announcement of Google as the WTO/ 11th WTO Ministerial Meeting at Buenos Aires, ICC's first Small Business Champion following the Argentina culmination of the small business video competition.
The Eleventh WTO Ministerial Conference (MC11) was Mr. Tofail Ahmed, M.P. the Hon’ble Commerce Minister of held in Buenos Aires, Argentina on 10 -13 December Bangladesh lead the 20-member Bangladesh delegation 2017. It was chaired by Minister Susana Malcorra of which included ICC Bangladesh President Mahbubur Argentina. The Conference ended with a number of Rahman and ICCB Executive Board Member Mir Nasir ministerial decisions, including on fisheries subsidies and Hossain; Mr Abul Kasem Khan, President of DCCI; FBCCI e-commerce duties, and a commitment to continue Vice President Sk Fazle Fahim, former First Vice President negotiations in all areas. of BKMEA Mohammad Hatem and BGMEA Director Munir Hossain. The Delegation also included two Bangladesh Parliament Members--Professor Ali Ashraf and (Capt. Retd.) Tajul Islam; Commerce Secretary Shubhashish Bose; Ambassa- dor and Permanent Representative in Bangladesh Permanent Mission in Geneva M Shamim Ahsan; DG of WTO Cell of the Commerce Ministry Md Munir Chowdhury, Director to the cell H.E. Mr. Tofail Ahmed, M.P. Minister for Commerce is seen here before the 1st Plenary of the 11th WTO Ministerial Ziaul Huq, Vice-Chairman of the Conference held in Buenos Aires, Argentina recently. He is anked by ICC Bangladesh President Mr. Mahbubur Rahman and Former President of FBCCI Mr. Mir Nasir Hossain. Also seen in the picture Commerce Secretary Mr. Export Promotion Bureau Bijoy Shubhashish Bose, First Vice President of FBCCI Sheikh Fazle Fahim and Former First Vice President of BKMEA Mr. Mohammad Hatem. Bhattacharjee, Economic Minister of The Conference opened with the signing of a presidential Bangladesh Permanent Mission in Geneva Supriya Kumar declaration in support of the WTO. This was signed by Kundu, Minister of the Mission Dr. Mostafa Abid Khan President Macri of Argentina, President Temer of Brazil, and Economic Minister of Bangladesh Embassy in Wash- President Cartes of Paraguay and President Vázquez of ington DC Shahabuddin Patwary.
Annual Report 2017 33 ICC Bangladesh President Mahbubur Rahman ICC Bangladesh Vice President Latifur Rahman appointed as Arbitrator of CIETAC, China. re-elected Executive Board Member of Global ICC
ICC Bangladesh Presi- Latifur Rahman, Vice- dent Mahbubur Rahman President of the Interna- was appointed as an tional Chamber of Com- Arbitrator of The China merce-Bangladesh & International Economic Chairman and CEO of and Trade Arbitration Transcom Group has been re-elected as Commission (CIETAC) member of the Executive recently. Mr. Rahman is Board of the Paris-based the sole Arbitrator ICC for a second appointed from Bangla- three-year term from desh by CIETAC. Mr. July 2017. The election Mahbubur Rahman was of ICC, The world business organization held in Nairobi on elected unanimously as the Chairman UN ESCAP Business June 06 during 2017 World Council. Advisory Council (EBAC) during the 12th Meeting of EBAC held in Dhaka in February, 2017. Mr. Latifur Rahman has served in many important national bodies in various capacities including President of Mr. Rahman is the Chairman & CEO of ETBL Holdings Metropolitan Chamber of Commerce & Industry(MCCI), Limited and Chairman of Eastland Insurance Co. Ltd. He Dhaka for seven terms; President of Bangladesh Employers’ is also the Director of Karnaphuli Fertilizer Co. Ltd Federation (BEF) for two terms and Member of Executive (KAFCO) and Vice Chairman of Bangladesh Foreign Committee of Federation of Bangladesh Chambers of Trade Institute (BFTI). A renowned business leader, Mr Commerce & Industry (FBBCI), Bangladesh Jute Mills Rahman was the Former President of The Federation of Association and Bangladesh Tea Association. He was Bangladesh Chambers of Commerce & Industry (FBCCI), Member of the Executive Board of Bangladesh Bank. He Founder Vice President of SAARC Chamber of has been closely involved with fiscal and trade policy Commerce & Industry (SCCI) and Member of Asia making bodies of the Government as Chairman, Economic Community Forum (AECF), Seoul. Trade-body Reforms Committee and Member, Advisory Committee on WTO. CIETAC is one of the major permanent arbitration institutions in the world. Formerly known as the Foreign In 2012 Mr. Rahman was awarded “Oslo Business for Trade Arbitration Commission, CIETAC was set up in Peace Award” by the Business for Peace Foundation, Oslo April1956 under the China Council for the Promotion of and Business Executive of the Year 2001 by the American International Trade (CCPIT). CIETAC independently and Chamber of Commerce in Bangladesh. impartially resolves economic and trade disputes by Mr. Latifur Rahman is also the Chairman of National means of arbitration. Housing Finance & Investments, Member, Governing Body UNESCAP established EBAC with the aim of providing of BRAC and former Chairman, Nestlé Bangladesh, business perspectives on development issues in the Holcim Cement Bangladesh. Asia-Pacific Region to the Member governments as Transcom Group originated with tea plantations in 1885, is represented in the legislative bodies of ESCAP; in now one of the largest conglomerate in Bangladesh, particular (but not limited to) the Committee on Trade comprising private & public companies employing over and Investment, and the ESCAP Commission as well as 14,000 people. The Group comprises of pharmaceuticals, provide advise to the ESCAP Secretariat on its beverages, electronics, media, foods and consumer programme and projects. products.
34 Annual Report 2017 ICC Bangladesh Delegation to 10th World Jhon W.H. Denton AO, Sydney & NSW Chambers Chambers Congress in Sydney President Professor Trevor Cairmey OAM, ICC WCF Chair Peter Mihok, Confederation of Asia Pacific The 10th World Chamber Congress of the International Chambers of Commerce (CACCI) President Jemal Chamber of Commerce (ICC), The world business Inaishvili and Sydney & NSW Business Chambers CEO organization was held in Sydney on 19-21 September. Stephen Cartwright.
There were video messages from HRH The Prince of Wales Prince Charles and President of the 72nd session of the United Nations General Assembly Miroslav Lajčák.
A number of speakers from different countries were invited to share their experiences. The topics discussed in the plenary sessions included: Business, conflict and terrorism: rebuilding peace and prosperity; Sustainability; Global mobility; Leadership; World of tomorrow and 4th New South Wales Premier the Hon. Gladys Berejikliaan, M.P. delivering the inaugural speech at 10th World Chambers Congress (WCC). Industrial revolution.
The Congress was jointly organized by World Chambers ICC Bangladesh Member Mrs. Prveen Mahmud who is Federation (WCF) and the Sydney Business Chamber Chairman of Shasha Denims and Managing Director of (SBC), a division of NSW Business Chamber (NSWBC). Grameen Telecom Trust was speaker at the Plenary Session The World Chambers Congress is the premier event of its on Leadership. The other speakers of this session were kind which bring together chambers, businesses and Former Prime Minister of Finland Esko Aho and President government figures together to discuss on various global of Asia-Pacific, Campbeli Amott’s Umit Subasi. Mrs. issues. Mahmud made a presentation on different programme under Social Business of Grameen Telecome Trust and how The Congress provided an unparalleled opportunity to it has helped in empowerment of disadvantaged people connect and strengthen relations with a diverse and and helped in leadership building. international group of individuals representing more than 100 countries. With both formal and informal ICC Bangladesh President Mahbubur Rahman led a occasions to develop networks, this has been the ideal 14-Member Delegation at the 10th WCC which included setting to establish institutional ties and promote trade ICC Bangladesh Vice Presidents Latifur Rahman and Mrs. and investment opportunities from attending companies, Rokia Afzal Rahman:, ICC Bangladesh Executive Board countries and regions. In an ever-changing business Members A. K. Azad, Kutubuddin Ahmed and Md. Fazlul climate, the Congress, with its visionary and esteemed Hoque: ICC Bangladesh Secretary General Ataur Rahman, speakers, addressed and examined today’s most Shasha Denims Chairman Parveen Mahmud; SCL significant global issues. Securities Limited Director Professor Mahbub Ahmed,; Sk Premier of New South Wales the Hon. Gladys Berejiklian, Md Waliul Islam, Joint Convener, DCCI (Import, export M.P. inaugurated the 10th World Chambers Congress policy trade ) & S .M. Zillur Rahman, Chairman & CEO, (WCC) on 19 September. Welcoming the Delegates she Rahman Group. The delegates also included Mrs. Hameeda mentioned that event will facilitate knowledge exchange, Rahman, wife of Mr. Mahbubur Rahman, Mrs. Shahnaz driving innovation and fostering global collaboration. Rahman, wife of Mr. Latifur Rahman, Mrs. Shayama Azad Some 1200 delegates from around the world gathered in Shamme, wife of Mr.Azad, Mrs. Rashida Ahmed, wife of International Convention Centre Sydney. The inaugural Mr. Kutubuddin Ahmed and Mrs. Reshma Akter, wife of session was also addressed by ICC First Vice Chairman Mr. Md. Fazlul Hoque.
Annual Report 2017 35 ICC Bangladesh Delegation meet Austrade to Austrade, Sydney office and giving them the opportunity O cials in Sydney: Discussed on increasing of exchanging views and discussing on various areas where Australian companies could explore the possibilities of trade and investment investing in Bangladesh.
ICC Bangladesh President Mahbubur Rahman ICC Bangladesh Delegation members expressed the accompanied by ICC Bangladesh Delegation held a interest for increasing cotton imports from Australia for meeting with Austrade in Sydney on 20 September. During the garment industries, setting healthcare facilities jointly the meeting discussions were held on promotion of private with Australia, investment in Australia for cotton sector trade and investment in the two countries. A number cultivation for exporting to Bangladesh.
Mahbubur Rahman suggested to Austrade for arranging a visit by a business delegation from Australia to Bangladesh to explore possible areas of investment and also promotion of trade.
The meeting was also attended by ICC Bangladesh Vice President and Arlinks Limited Chairman Rokia Afzal Rahman, ICC Bangladesh Executive Board ICC Bangladesh President Mahbubur Rahman (sitting 3rd from le ), Bangladesh High Commissioner to Australia Member and Hameem Group Managing Kazi Imtiaz Hossain (sitting 4th from le ), General Manager Asia of Austrade Liu Bing (standing 2nd from le ), Assistant Director of Department of Foreign A airs and Trade Kavitha Kasynathan (standing extreme le ) during Director A. K. Azad; ICC Bangladesh the meeting with Austrade in Sydney, Australia on September 20. Other present at the meeting were: (sitting from right to le ) Shasha Denims Chairman Parveen Mahmud, ICCB Executive Board Members Md. Fazlul Hoque & A.K. Executive Board Member & Managing Azad, ICCB Vice President Rokia A. Rahman & ICCB Secretary General Ataur Rahman. Austrade ocials standing at the back : (From right to le ) Austrade Senior Trade Advisor Abdul Ekram, Trade Advisor Sam Gue’douard and Director Plummy Fashions Md. Fazlul Joel Smouha are also seen. Hoque, Chairman of MIDAS & Shasha of areas including export of garments, pharmaceuticals and Denims and Grameen Telecom Trust Managing Director leather products were discussed. ICC Bangladesh President Parveen Mahmud, ICC Bangladesh Secretary General Mahbbur Rahman informed that the government is going to Ataur Rahman and Bangladesh High Comission First stet up 100 export processing zones and also allowed setting Secretary Farida Yameen. . up private export processing zones. He mentioned that South Korea has already set up an export processing zone. From Austrade side the meeting was attended by Assistant Exclusive export processing zones are also going to be set up Director (Bangladesh, Nepal and Bhutan, South Asia by China, India and Japan. So, Australia can also take the Branch of Department of Foreign Affairs and Trade advantage of setting up export processing zone in Kavitha Kasynathan, Trade Advisor (Adviosry Services and Bangladesh and take the advantage of the facilities extended Consumer) Joel Smouha, Trade Advisor (Food & by the Government of Bangladesh. Besides, there is vast Agriculture- Meat and Grains) Sam Guedouard, Senior investment opportunities in infrastructure including energy. Trade Advisor (International Health) Abdul Ekram and Executive Officer for Asia International Operations Group Bangladesh High Commissioner to Australia Kazi Imtiaz Jessica Harrison. Hossain briefed the Austrade officials about the government policies for attracting Foreign Direct Investment (FDI). He ICC Bangladesh Delegation to ICC Paris mentioned that Bangladesh has most favourable investment ICC Bangladesh Banking Commission Chairman policies and 100 percent ownership and repatriation of Muhammad A. Rumee Ali & its Secretary General Ataur profits by foreign investors. He said that Bangladesh High Rahman & ICC Chief Operating Officer Philip Kucharski Commission will welcome visit by Australian Trade pose for a photo with the bankers of 17 commercial banks Delegation to Bangladesh to explore investment after attending a meeting at headquarters of ICC in Paris. opportunities. A 41-Member Delegation led by ICC Bangladesh Banking General Manager Asia of Austrade Ms. Liu Bing thanked Commission Chairman Muhammad A. (Rumee) Ali Bangladesh High Commissioner Kazi Imtiaz Hossain and attended a meeting at ICC, Paris on 16 May. The meeting ICC Bangladesh President Mahbubur Rahman for coming was organized by ICC for the ICC Bangladesh Delegation
36 Annual Report 2017 consisting of bankers was also attended by ICC Bangladesh 41 Bangladeshi bankers attend ICC Austria Secretary General Ataur Rahman. ICC Chief Operating Global Trade Finance Programme in Vienna Officer Philip Kucharski briefed about the activities of ICC ICC Bangladesh President Mahbubur Rahman poses with at its headquarters and globally as well as the operation of bankers from Bangladesh and ICC Austria officials at the the National Committees. concluding session of Trade Finance Week held in Vienna.
The Bangladesh Delegation included Mr. Helal Ahmed ICC Bangladesh arranged participation of 41 bankers from Chaudhury, Supernumerary Professor of BIBM and ICC 17 commercial banks at ICC Austria 11th Global Bangladesh Banking Commission Member; Mr. Md. Conference on Letters of Credit, International Trade Hashem Chowdhury, Additional Managing Director & Finance week held in Vienna from 17-19 May. The three Chief Operating Officer, Mutual Trust Bank Limited; Mr. day event was also attended by more than 200 bankers from Amin Uddin Ahmed and Mr. Tariqul Islam Chowdhury, EU countries to discuss on issues related to letters of credit, Deputy Managing Directors, Sonali Bank Limited; Shah bank guarantees and credit risks. Md. Abdul Bari, Deputy Managing Director, EXIM Bank ICC Bangladesh President Mahbubur Rahman was invited Limited and Md. Abdul Hye, Director (Commercial), as Chief Guest at the concluding session of the Global BCIC. Trade Finance week held on 19 May. He mentioned that
Group picture of ICC Bangladesh delegation of Bankers during visit to ICC Headquarter.
ICC Bangladesh President Mahbubur Rahman visited ICC Bangladesh has arranged participation of Bangladeshi ICC Headquarters on 18 May and had a meeting with ICC bankers in this programme in order to enhance capacity Chief Operating Officer Philip Kucharski and Stefano and efficiency in the banking sector on a priority basis as Bertasi, Executive Director of Policy and Business the country is now 41st largest economy in the world with Practices. They discussed about the new role of ICC being a GDP of US$270 billion growing at 7.2% per annum. awarded the Permanent Observer Status to the United Merchandise Export is US$40 billion while Import is US$ 43 Billion and both are growing at a healthy rate as Nations by UN General Assembly last December, the depicted by the GDP growth. ICC Bangladesh has activities of ICC and how the relations between the arranged jointly with ICC Austria the event in Vienna for National Committees can be further strengthened. ICC the bankers as EU is the largest export destination for the Bangladesh President briefed ICC Officials about the garment industry, Mahbubur Rahman said. activities of ICC Bangladesh and he thanked Mr. Kucharski for inviting the ICC Bangladesh Delegation of Earlier on 18 May, H.E. Mr. Md. Abu Zafar, Bangladesh bankersto ICC on 16 May. Ambassador to Austria was invited as a special guest to
Annual Report 2017 37 address at the Conference. He explained about the various At the request of some of the EU bankers arrangement was development initiatives undertaken by the Government of also made for discussions with counterpart bankers from Bangladesh to achieve SDGs and also to facilitate trade Bangladesh on their questions and problems individually. between Bangladesh and EU countries. He thanked ICC The Bangladesh Delegation included: Md. Hashem Bangladesh for arranging participation of Bankers to Chowdhury, Additional Managing Director & Chief interact with the EU bankers and also ICC Austria for Operating Officer, Mutual Trust Bank Limited, Amin inviting him to address at the august gathering. Uddin Ahmed and Tariqul Islam Chowdhury, Deputy ICC Bangladesh Banking Commission Chairman & CEO Managing Directors, Sonali Bank Limited, Shah Md. Abdul of Bangladesh International Arbitration Centre (BIAC) Bari, Deputy Managing Director, EXIM Bank Limited, Md. Muhammad A (Rumee) Ali and Mr. Helal Ahmed Abdul Hye, Director (Commercial), BCIC and Mrs. Antara Chaudhury, Supernumerary Professor of BIBM and ICC Zareen, Assistant Professor, Bangladesh Institute of Bank Bangladesh Banking Commission Member were invited Management (BIBM) as speakers by ICC Austria to deliberate on Risk Management and Corporate Governance and Challenges Officials from the following banks attended the 3-day of Correspondent Banking Relationship for Banks Conference: Al Arafah Islami Bank, Bank Asia Limited The respectively. ICC Bangladesh Secretary General Ataur City Bank, Dhaka Bank, Commerzbank AG, Eastern Bank, Rahman also attended and briefed the participants about Export Import Bank of Bangladesh, First Security Islami the activities of ICC Bangladesh. He proposed to arrange Bank, Islami Bank Bangladesh, Mercantile Bank, Mutual a similar event jointly with ICC Austria in Bangladesh Trust Bank, NRB Global Bank, One Bank, Pubali Bank, early next year. Social Islami Bank, Rupali Bank and Sonali Bank.
ICC Bangladesh President Mahbubur Rahman poses with bankers from Bangladesh and ICC Austria ocials at the concluding session of Trade Finance Workshop held in Vienna. A side event was organized for EU Bankers and other ICC- UNESCAP Workshop on International professionals to discuss on letters of credits and Bangladesh Trade Finance and Development of Global Bank regulations. The speakers at the session moderated by Value Chains in Bangkok Mr. Muhammad A. (Rumee) Ali, Chairman, ICC ICC Bangladesh jointly with ICC Thailand and the United Bangladesh Banking Commission & Chief Executive Officer Nations Economic and Social Commission for Asia and the of Bangladesh International Arbitration Centre (BIAC), Pacific (UN-ESCAP) is organizing a three-day Workshop were Mr. Helal Ahmed Chowdhury, Professor, Bangladesh on International Trade Finance and Development of Institute of Bank Management (BIBM) & Member ICC Global Value Chains in Bangkok on 20-22 December 2017. Bangladesh Banking Commission; Mr. Md. Hashem Chowdhury, Additional Managing Director & Chief Bangladesh Ambassador to Thailand H.E. Ms. Saida Muna Operating Officer, Mutual Trust Bank and Mr. Tawfiq Ali, Tasneem inaugurated the Workshop at a Hotel in Bangkok Chief Representative, Commerzbank AG Bangladesh. on 20 December. She emphasized the need preparing all the
38 Annual Report 2017 countries of the region including Bangladesh to prepare for to increase to US$2 billion by 2021. Bangladesh’s imports the challenges of the 4th industrial (popular known as 4.0) from Thailand were valued at more than $900 million, revolution. She further added that the Small and Medium while its exports to Thailand were less than 10 percent of Enterprises (SMEs) will be the key player in the future the total bilateral trade value.
ICCB President Mahbubur Rahman is addressing at the inauguration of ICC-UNESCAP Workshop held in Bangkok during 20-22 December. Bangladesh Ambassador to ailand H.E. Ms. Saida Muna Tasneem (4th from right) inaugurated the workshop. Also seen in the picture ICC ailand Chairman Mr. Somyod Tangmeelarp (3rd from right); Ms. Mia Mikic, Director of Trade, Investment and Innovation Division, UNESCAP (2nd from le ); Mr. Hitoshi Kozaki, Head of International Organization Department, Embassy of Japan, Bangkok and Deputy Permanent Representative to UNESCAP (2nd from right), Mr. Kobsac Duangdee, Secretary General of the ai Bankers Association (extreme right) and Mr. Vincent O’Brien, Chair ICC Banking Commission (extreme le ). and for that they need credit facilities from the Mr. Vincent O’Brien; Dr. Masato Abe, Economic Affairs commercial banks or financial institutions. We have to Officer of Trade, Investment and Innovation Division, support our private sector, in particular SMEs to be part of the Global Value Chains to promote their products UNESCAP; Mr. Ka Kit Man, CEO of CCRM; Mr. ATM both at home and abroad, she told. Nesarul Hoque, Vice President of Mutual Trust Bank Bangladesh; Ms. Jaewon Kim, Consultant, Trade, ICC Bangladesh President Mahbubur Rahman said, the global economy delivered an impressive output of about Investment and Innovation Division, UNESCAP; Sheikh US$75 trillion in 2016 and expected to reach $100 trillion Morshed Jahan, Associate Professor, IBA, University of by 2021. However, the existing outmoded operating system Dhaka, Bangladesh were speakers at various sessions of of the world economy is constrained in its ability to deliver the 3-day workshop. The participants attended two adequately fair social outcome and to protect the planet. seminars at Bank of Thailand (Central Bank) and Indeed, we need a new global economic architecture to overcome these structural challenges, he added. Bangkok Bank on 22 December.
Group picture of participants with ICC Bangladesh President Mahbubur Rahman and Bangladesh Ambassador to ailand H.E. Ms. Saida Muna Tasneem. Mahbubur Rahman also said that Bangladesh and The Workshop was attended by all together about 116 Thailand have long enjoyed friendly relations as trusted Participants: 52 Bankers from Bangladesh, 44 Bankers and tested friend. The two countries have been working from Thailand and participants from Cambodia, Lao PDR, for strengthening their bilateral relations for mutual Malaysia, Myanmar, Nepal and Vietnam. ICC Bangladesh benefit. Two way trades between Thailand and General Manager Ajay Bihari Saha and Assistant. Manager Bangladesh reached US$ 1 billion in 2016, which is likely Md. Shakayet Hossain also attended the Event.
Annual Report 2017 39 ICC Workshop on Capital and Credit Risk the bankruptcy court is out of commission and this Distribution Bad loans are alarming for entire encouraged people to become debt dodgers, said economy said ICCB President Mahbubur Rahman. It may be mentioned that non-performing loans (NPL) in Bangladesh’s banking Continuous increase in bad loans is very alarming not only sector, according to reports published by the Bangladesh for the banking sector but also for the entire economy. bank, have surged over Tk. 800-billion (about US$10 Because of bad loans banks are faced with capital deficit. billion). The figure would have been much higher if bad We have observed that the government has been providing loans had not been written off, which is around Tk. recapitalization funds to the nationalized banks to meet 45,000cr.
ICCB President Mahbubur Rahman (middle) is seen at ICC Workshop on Capital and Credit Risk Distribution held on 26 November. While Muhammad A. (Rumee) Ali, ICC Bangladesh Banking Commission Chairman & CEO BIAC and Mr. Kah Chey Tan, immediate past Chairman of ICC Banking Commission and founding Chairman of CCRM on his le ; Mr. Anis A Khan, Chairman Association of Bankers Bangladesh Limited and Managing Director & CEO Mutual Trust Bank Limited and ICC Bangladesh Secretary General Ataur Rahman on his right. capital adequacy ratio set by the Bangladesh Bank said As a result, the banks are having difficulties in providing ICC Bangladesh President Mahbubur Rahman at the ICC credit to those who are good borrower for expansion of Workshop on Capital and Credit Risk Distribution, their business or to new entrepreneurs. Besides, the organized by ICC Bangladesh. situation is similar in the state-run specialized banks, added Mahbubur Rahman. According to banking sector experts, banks do not have enough technical expertise to properly analyse the loan Muhammad A. (Rumee) Ali, ICC Bangladesh Banking files. Moreover, the defaulters were not being punished as Commission Chairman & CEO Bangladesh International
Group picture of participants with ICC Bangladesh President Mahbubur Rahman.
40 Annual Report 2017 Arbitration Centre in his address said Bangladesh is going ICC Workshop on Letters of Credit in Law and forward to achieve middle income status by 2021 which Practice created huge need for capital requirement in infrastructure sector. But because of bad loans banks are suffering from ICC Workshop on Letters of Credit in Law and Practice was capital adequacy. He told the participants (bankers) that to held in Dhaka on 7 and 14 October. Mr. ATM Nesarul Hoque, manage your capital is your utmost important duty. He CDCS, CSDG, CITF, Vice President of Mutual Trust Bank also mentioned that alternative dispute resolution and conducted the Workshop. ICC Bangladesh Banking mediation will be very much useful to reduce the bad debt Commission Member Mr. Helal Ahmed Chowdhury of the commercial banks. attended the closing session of the first day (7 October) and distributed the certificates. ICC Bangladesh Banking Mr. Anis A Khan, Chairman Association of Bankers Commission Member Mr. Md. Ahsan Ullah attended the Bangladesh Limited and Managing Director & CEO closing session of the second day (14 October) and Mutual Trust Bank Limited was the guest of honour at the workshop. He said that the world trade is moving towards distributed the certificates. digitization and as such Bangladesh has to prepare itself to The Workshop was designed for participants to understand keep pace with the international trade. The bankers of our and learn about updated various implications of L/C country must upgrade themselves through modern tools considering the increase in international trade and finance and rules. In order to become a good and efficient banker of Bangladesh to avoid risks in cross-border transactions. It one should experience the trade finance in the banking helped in understanding the new provisions and how the carrier. He also said that the Association of Bankers changes impact users with the confidence and legal Bangladesh has been actively working with the Bangladesh certainty to trade in unfamiliar markets and save both time Bank to develop the banking sector and create a corporate and money. The workshop was case study driven to achieve culture in the sector. maximum practical benefit in everyday Documentary Mr. KahChey Tan, immediate past Chairman of ICC Credit Operations. Banking Commission and founding Chairman of CCRM in his presentation said banks are facing increasing It may be mentioned that ICC Bangladesh has been funding costs. Securing stable cheap funding is a organizing Workshops to provide Professional challenge. He mentioned that global trade finance gap Development Unit (PDUs) for recertification of those who currently stands at an estimated US$1.6 trillion i.e. there have passed Certified Documentary Credit Specialist is a substantial trade opportunity not being met by (CDCS) and Certificate for Specialists in Demand traditional sources. Facilitating trade has become much Guarantees (CSDG) Examination conducted globally by more expensive for banks on account of enhanced know London Institute of Banking and Finance (LIBF), UK (the your customer (KYC) and anti-money laundering (AML) new name of ifs University College, UK). A total of 208 requirements. participants attended the workshop during two days.
The workshop was conducted by Capital and Credit Risk Manager (CCRM) Chairman KahChey Tan, CEO Ka-Kit Man, CEO and Vivek Gupta, Head of Product Management conducted the day-long workshop. A total of 120 participants in which 118 bankers and two insurance officials attended the workshop.
Bank Asia Managing Director Md. Arfan Ali, ICC Bangladesh Secretary General
Ataur Rahman and CCRM Chairman Group picture of participants with Mr. Md. Ahsan Ullah (middle), Member, ICC Bangladesh Banking Commission & Advisor, Financial Sector Support Project, Bangladesh Bank; ICC Bangladesh Secretary General Ataur Rahman KahChey Tan distributed the certificates. (le ) and Mr. ATM Nesarul Hoque (right) Vice President Mutual Trust Bank Limited.
Annual Report 2017 41 ICC Workshop on Documentary Credits and Mr. Ahmed Jamal, Executive Director, Bangladesh Bank Guarantees for Specialists was the Chief Guest at the closing session and distributed certificates to the participants. He thanked the ICC ICC Bangladesh organized a daylong Advanced Workshop Bangladesh for organizing such workshops for the on Documentary Credits and Guarantees for Specialists n bankers. He said Bangladesh Bank has been working Dhaka on 22 July. ICC Bangladesh Banking Commission closely with ICC Bangladesh in facilitating trade finance. Chairman and CEO of Bangladesh International Arbitration In this regard he mentioned about introduction of International Factoring for export and thanked ICC Bangladesh for taking the initiative for arranging workshops and seminars to make the bankers and the exporters aware of the benefit of Inter- national Factoring. He said that the Bangladesh Bank is actively considering allowing banks to introduce interna- tional factoring on a limited scale of exports.
A total of 201 participants from banks and corporate houses attended the workshop. A partial view of participants at ICC Workshop on Documentary Credits and Guarantees for Specialists.
Centre (BIAC) Muhammad A (Rumee) Al inaugurated Transcom Group Chairman Latifur Rahman the Workshop. He mentioned that the Workshop will be received 'SAARC Outstanding Leader' award interesting as the speakers will be presenting and Transcom Group Chairman Latifur Rahman has been discussing on real life cases and the ICC Banking honoured with the prestigious “SAARC Outstanding Commission opinions. This will help the bankers in Leader” award for setting a “rare example” of doing avoiding making mistakes when opening Letters of Credit business by upholding moral values while also fulfilling the organisation's social responsibilities. Ravi Dhariwal, and reduce risks. He also said that it is important for the former chief executive officer of The Times of India, India's bankers to settle cases though mediation and arbitration largest newspaper group, handed over the award on behalf in order to lengthy legal procedures in settlement of of CEO Awards, the organiser, in Mumbai on 28 July. disputes. H said that BIAC is fully equipped in dealing Pepsi Co's India Region Chairman D Shivakumar with dispute settlements and welcome the bankers and introduced Chairman Latifur Rahman at the ceremony corporate houses in settling the disputes out of court where more than 50 top CEOs and industrialists were through mediation and arbitration.
ICC Bangladesh Secretary General Ataur Rahman in his introductory remarks during the inaugural of the workshop said that the essential purpose of trade finance is to facilitate commerce, particularly across borders. But that task is getting harder than ever. The 2017 economic reality looks to be one of a backlash against trade on a global scale, as governments around the world institute protectionist
economic policies and tear down trade Transcom Group Chairman Latifur Rahman received the prestigious "SAARC Outstanding Leader" award from Ravi agreements. Dhariwal (le ) former CEO of e Times of India, in Mumbai on July 28. Chairman of PepsiCo's India region D Shivakumar (right) is also seen in the picture.
42 Annual Report 2017 present. Mr. Latifur Rahman is the first non-Indian to have The event coincided with the state visit by the President of received the award. Latifur Rahman expressed his gratitude Sri Lanka and a high profile delegation to Bangladesh. The in an emotion-choked voice and said he was overwhelmed dinner reception was graced by a gathering of eminent to have received the accolade as the first foreigner. government officials and business leaders from both Sri Lanka and Bangladesh. Among the dignitaries present, Ravi Chairman of PepsiCo’s India Region Shivakumar recalled Karunanayake – Minister of Foreign Affairs of Sri Lanka the family tragedy of Latifur, mentioning the deadly together with Mohammed Shahriar Alam - State Minister militant attack on the Holey Artisan cafe that took the life for Foreign Affairs, Nasrul Hamid - State Minister for Power, of his grandson, Faraaz Ayaaz Hossain, along with 19 other Energy and Mineral Resources, and Zunaid Ahmed Palak - hostages in Dhaka last year. He dedicated the award to State Minister of Post, Telecommunications & Information Faraaz, saying he was proud to be the young man's Technology of Bangladesh addressed the gathering. grandfather.
Other awardees in different categories are N ICC Bangladesh President Mahbubur Rahman & ICC Chandrasekaran, chairman of Tata Group; Harsh Bangladesh Vice President Latifur Rahman attended the Mariwala, chairman and managing director, Marico; Sajjan dinner and exchanged views with Sri Lankan business Jindal, chairman of Jindal Steel; Narayanan Vaghul, delegation. founding chairman of ICICI Bank; Piyush Pandey, LAUGFS Gas entered the Bangladesh market in 2015 with chairman of Ogilvy; Pawan Goenka, managing director of the acquisition of Petredec Elpiji Limited, and is one of the Mahindra and Mahindra; Hari Menon, founder and CEO largest LPG downstream players in the country. The of Bigbasket; Jayshree Vyas, managing director of SEWA company imports and distributes over 50,000 MT of LPG Bank; and Prof Ashok Jhunjhunwala, adviser of India's every year in Bangladesh and operates an expansive and a power ministry. fast growing distribution network across the country.
Sri Lankan President Maithripala Sirisena LAUGFS Gas Bangladesh currently operates a world-class attended LAUGFS Gas Bangladesh Reception LPG import, bottling and distribution facility in Mongla in Dhaka Port. It serves the domestic and industrial segments with its LAUGFS Gas Bangladesh, part of the diversified Sri Lankan 12kg cylinders for households and 12kg and 45kg cylinders multinational LAUGFS Holdings, announced plans to for commercial and industrial customers under the brand strengthen its presence in Bangladesh with renewed name LAUGFS Gas. It is also the pioneer in Auto gas in commitment and further investments. These views were Bangladesh and supplies LPG to automobile service expressed at a corporate dinner reception hosted by the stations across the country. LAUGFS Gas, with its own company at Pan Pacific Sonargaon Hotel in Dhaka, which vessel fleet, is able to provide LPG with the highest level of was graced by President Maithripala Sirisena. reliability.
Sri Lankan President H.E. Maithripala Sirisena (7th from le ) is seen at LAUGFS Gas Bangladesh Reception. ICC Bangladesh President Mahbubur Rahman and ICC Bangladesh Vice President Latifur Rahman are seen on right and le of the Sri Lankan President respectively among others.
Annual Report 2017 43 Participation of Bangladeshi Bankers at ICC and develop rules to enhance trade finance practices Banking Commission Meeting in Jakarta throughout the world. The next Annual Meeting will be held in Miami next spring 2018. ICC Banking Commission Annual meeting was held at the Shangri-La Hotel in Jakarta from 3-6 April 2017. There Senior officials of the following banks attended the were altogether over 586 participants from 58 countries. Banking Commission Meeting: Al Arafah Islami Bank, Bangladesh had the highest number of bankers (48) Bangladesh Krishi Bank, The City Bank, Dhaka Bank, followed by China. ICC Bangladesh arranged the Eastern Bank, The Farmers Bank, First Security Islami participation of the 48 Bankers from14 Banks at this Bank, Islami Bank Bangladesh, Jamuna Bank, NRB Meeting. ICC Bangladesh Secretary General led the Commercial Bank, Pubali Bank, Social Islami Bank, Sonali Bangladesh Delegation. Bank and Standard Bank.
Group Picture of ICC Bangladesh delegation of bankers during Banking Commission Meeting in Jakarta.
Under the theme “The Future of Trade Finance: Traditional, Round Table on ‘Chittagong Port, Current Technological and Transformational”, the Annual Meeting Status and Way Forward Analysts talked featured high-level keynote and panel speakers in a series of about problems of Chittagong Port informative and interactive plenary and breakout sessions Dhaka Chamber of Commerce and Industry (DCCI) as well as roundtable discussions addressing particular organized a roundtable discussion on Chittagong Port, global challenges and trends in trade finance. Current Status and Way Forward in Dhaka on July 29. The Primarily, the Annual Meeting has put the digitisation of speakers highlighted that the cost of doing business has trade finance under the spotlight – focusing on its power to been increasing due to inefficiency of the country's simplify and reduce the costs of doing business, while also premier port in Chittagong. It was observed that at allowing banks to better serve small- to medium-sized present, it takes more than two weeks for release of goods from the port, whereas these were supposed to be enterprises and stimulate trade. delivered within 48 hours businesses. Rear Admiral M The Banking Commission has established itself as the Khaled Iqbal, BSP, ndc, psc, Chairman, Chittagong Port leading organization for trade finance specialized training Authority (CPA) was the Chief Guest at the Round Table. and events. These unique forums provide delegates from DCCI President Abul Kasem Khan delivered the welcome across the world with a unified platform to promote address and Mr. Asif A Chowdhury, Director, DCCI dialogue between experts, make policy recommendations presented the Key Note paper.
44 Annual Report 2017 The non-cooperation among the service delivery agencies Due to delays in Chittagong port, garment exporters tend like the port authority, customs, clearing and forwarding to use the expensive air shipments to maintain the strict agencies, transport companies and banks are mainly lead-time of buyers, said Faruque Hassan, vice-president of responsible for the delay in the release of goods, business the Bangladesh Garment Manufacturers and Exporters
Chairman of Chittagong Port Authority, Rear Admiral M Khaled Iqbal, BSP, ndc, psc (second from right) speaking at the seminar on “Chittagong Port: Current Status and Way Forward” organized by DCCI on July 29. DCCI President Abul Kasem Khan (middle), Senior Vice President Kamrul Islam, FCA (extreme right), Vice President Hossain A Sikder (extreme le ) and Director Asif A Chowdhury (second from le ) were also present. leaders said. Subsequently, the businessmen suggested Association. “Delays in Chittagong port have been costing involving the private sector in management of the port, us abnormally at a time when profitability declined a lot through which 92 percent of the country's export and and production cost rose,” Hassan said. import are done. Had the Chittagong port performed even at the same level Various festival holidays and natural disasters also affect as the Colombo Port in Sri Lanka, the maritime cost the port performance, said Mahbubur Rahman, president would have reduced a lot and Bangladeshi exporters could of the International Chamber of Commerce, Bangladesh. have sent goods to the US for 0.6 cents and 0.8 cents per kg, said M Masrur Reaz, a programme manager of the So, alternative mechanisms are needed for efficient World Bank. management of the port. Expressing grief, Rahman said Mongla port could not become a fully operational one “The number of equipment in Chittagong port increased a even after so many years. A section of businessmen use the lot over the years, but the operational efficiency did not.” Chittagong port as warehouses by delaying the release of Reaz came up with three suggestions for enhancing port their goods, he added. efficiency: greater involvement of the private sector in port management, significant improvement of port governance Former DCCI President Hossain Khaled observed that the and introduction of competition in service quality. port management's inefficiency has to be borne by the In response to the comments and observations by the businessmen ultimately. Last fiscal year, Bangladesh could business leaders, ICC Bangladesh President Mahbubur not achieve its garment export target and longer lead-time Rahman said targets of middle-income country and $50 at the port was one of the major reasons, said Asif Ibrahim, billion export by 2021 should not be a mere political slogan, another former DCCI president. the government must do whatever need to do to get to the goals. He feels the premier seaport of the country would Such difficulties faced by the exporters has led to the buyers never be able deliver what businesses want if the government looking for new suppliers. This has led to increase in and the businesses do not find alternatives, including garment exports from Sri Lanka, Cambodia and India -- all development of other seaports, using waterways for goods Bangladesh's competitors in the global apparel trade. transporting. CPA Chairman said the port is capable of Shorter lead-time for excellent performance by the ports of handling the current growth in cargo until 2019. He went on these countries was one of the reasons for their better to recommend businesses should increase their use of the export performance, Asif Ibrahim added. Pangaon river port to reduce congestion at the premier port.
Annual Report 2017 45 ICCB President at 10th Founding Anniversary competence–i.e. the “ability to communicate effectively of the Department of International Business, and appropriately in intercultural situations” – is a key University of Dhaka priority in preparing graduates for the global workforce. With ever-increasing number of student mobility across The 10th founding anniversary of the Department of the globe, higher educational institutions around the world International Business was celebrated at the Nawab Ali have been stimulated to establish international Chowdhury Senate Building, University of Dhaka on 8 partnerships, aimed at preparing their students to work in November. The Vice Chancellor of the University of Dhaka a diverse society he added. Professor Dr. Md. Akhtaruzzaman was the Chief Guest and ICC Bangladesh President Mahbubur Rahman was the Mr. Rahman observed the economic crisis and the budget Guest of Honor. The speakers stressed the importance of restrictions are forcing international companies to be more international business education in the contemporary efficient in their professional and personnel selection to business world and appreciated the contribution of the work around the world. Companies are looking for qualified Department of International Business in creating qualified employees with international experience. human resources that can meet the demands of Bangladesh. Mr. Rahman mentioned tomeet the challenges of the future In his address Mahbubur Rahman said economic, political international business of Bangladesh, qualified human and social changes are driving an increasingly global resources should be our first priority. Bangladesh is knowledge economy as internationalization is growing of currently paying more than US$ 5 billion a year to significance worldwide. In light of this, academic expatriate experts for managing our companies. We are institutions globally have started developing matured now striving to become middle-income country by 2021 internationalization agendas that incorporate recruitment, and a developed country by 2041. So, we need to develop research collaborations, and capacity- building. In the appropriate curriculum to produce qualified professionals current scenario, the development of intercultural to run our business, he added.
ICC Bangladesh President Mahbubur Rahman (3rd from le ) is seen with Vice Chancellor of the University of Dhaka Professor Dr. Md. Akhtaruzzaman (middle) at 10th Founding Anniversary of the Department of International Business, University of Dhaka held on 8 November.
Roundtable Discussion on 'Digital Bangladesh: Mr. Karan Bajwa, Managing Director of IBM India were Transformation in Business, Finance and the Key-Note Speaker. Banking' The world is now experiencing the greatest information The Bonik Barta and IBM jointly convened a Roundtable and communication technology revolution in human Discussion on 'Digital Bangladesh: Transformation in history. Digital tools are invading the business Business, Finance and Banking' due to IBM Chairman & environment, provoking significant changes in the way we CEO Mr. Randy Walker’svisit to Bangladesh on March 06 work, communicate, and sell. This has given rise to new at Pan Pacific Sonargaon Hotel. Mahbubur Rahman, opportunities and has triggered the growing need of President, International Chamber of Digital Transformation of our enterprises. Besides all the Commerce-Bangladesh Chaired the Round Table. Aftab ul technological advancement security is the main concern Islam, Director, Bangladesh Bank gave the Welcome for sectors like business, finance, and banking. In the Address. Mr. Randy Walker IBM Chairman & CEO and roundtable session, all the CEO's from different sectors
46 Annual Report 2017 expressed their viewpoint and agreed they have to be more How fast can we learn from the mistakes others making. conscious and tactful regarding acceptance of new These two questions are very important for technology and its security. transformation.
Randy Walker said once the technology was only Syed Waseque Md Ali, Managing Director, First Security practiced by the people who were related to the specific Islami Bank Limited, Md. Ataur Rahman Prodhan,
Mahbubur Rahman, President, ICC Bangladesh (middle) is Chairing the Round Table Discussion on “Digital Bangladesh : Transformation in Business, Finance and Banking.” Also seen in the picture IBM Chairman & CEO Randy Walker, Managing Director of IBM India Karan Bajwa on his right and Bangladesh Bank Director A ab ul Islam, Banik Barta Editor Dawan Hanif on his le . sector but nowadays it is a common practice for everyone. Managing Director, Rupali Bank Limited, Golam Hafiz Now everyone is talking about technology and more Ahmed, Managing Director and CEO, NCC Bank Limited, importantly the security. People want to get access to the M.A. Halim Chowdhury, Managing Director & CEO, Pubali most advanced technology but they don't have any idea Bank Limited, Mohammad Shams-Ul Islam (Managing what is going to happen next if they have been attacked. Director & CEO, Agrani Bank), Shibli Rubaiat-ul-Islam, Likely a person, an organization also wants security. He also Dean, Faculty of Business Studies, Dhaka University & said IBM is aware of this and they are working to ensure the Chairman, Sadharan Bima Corporation, Kamal Quadir, security of the systems around the world. He said IBM is CEO, bKash, Mamun Rashid, Managing Partner, PwC working on Artificial Intelligence (AI), Big Data, Data Bangladesh, Mohammed Nasir Uddin Chowdhury, Cloud, & Lake and providing Data Cloud service. IBM Managing Director, Capital Market Group Operation, expressed their interest in investing in health sectors of Lanka Bangla Securities Limited, Mominul Islam, Managing Bangladesh as it is a growing sector besides working in Director and CEO, IPDC Finance, M. H. Samad, Managing banking and finance service as well. Director & CEO, Central Depository Bangladesh Ltd., Syed Mohammad Kamal, Country Manager, Master Card Randy Walker also said that they only can provide security Bangladesh, Md. Jalalul Azim, Managing Director, Pragati for the external threats but the organization itself has to Life Insurance Limited, Basab Bagchi, Chief Executive ensure security from the inside. As we know bad peoples Officer, Thakral Information Systems Pvt. Ltd., Shahzaman are everywhere and they attack from the inside not from Mozumder, Consultant Thakral Information Systems Pvt. the outside. Ltd., Gurmukh Singh Thakral, Managing Director, Thakral The chairman of the session Mr. Mahbubur Rahman said Brothers Pte Ltd & Chairman, Thakral Information Systems only trained people should be appointed to deliver the Pvt. Ltd. were the other panel speakers. service. IBM can give us that support to train people. Mr. Bangladesh International Arbitration Centre Aftab ul Islam said IBM can work as a partner for Digital seminar on Doing Business Bangladesh. Peoples of Bangladesh will appreciate the partnership of IBM with the Government. Bangladesh International Arbitration Centre (BIAC) - country’s first and only Alternative Dispute Resolution Mr. Karan Bajwa emphasized on two specific questions. (ADR) institution, has stepped into its 7th year of One; Do we have enough trained human resources, Two; functioning. As part of its 6th anniversary celebration,
Annual Report 2017 47 BIAC held a Seminar on “Doing Business Index: ADR in Commerce & Industries (MCCI), Dhaka, Managing Effective Enforcement of Contracts” in Dhaka on Director and CEO of the City Bank Limited, Mr. Sohail 7October. The Seminar was presided over by Mr. R.K. Hossain, Barrister Ajmalul Hossain QC, Mr. M. Mahbubur Rahman, Chairman BIAC. Masrur Reaz, Senior Economist, IFC, World Bank Group and Ms. Nina Mocheva, Senior Financial Sector Specialist, Chief Guest Hon’ble Mr. Anisul Huq, MP, Minister for Law, Debt Resolution & Insolvency, World Bank Group were Justice & Parliamentary Affairs assured of blending the present as panelists. joint efforts of the Government and BIAC to create a congenial atmosphere for speedy dispute resolution, and Mr. Muhammad A. (Rumee) Ali CEO of BIAC started the the Government has taken a decision in principle to session with a welcoming note while Mr. Mahbubur incorporate appropriate clauses for arbitration and Rahman, Chairman of BIAC moderated the session. mediation in all Government contracts. The Ministry will Former Chief Justices and Justices, diplomats, senior initiate a proposal soon in this regard. Mr. Fazle Kabir, lawyers, senior government officials, managing directors Governor of Bangladesh Bank and Mr. Kazi M. Aminul of banks, distinguished business leaders and prominent Islam Executive Chairman of the Bangladesh Investment businessmen, country representatives of international Development Authority (BIDA) were present as special organisation and media personalities also participated at guests on this occasion. the Seminar.
Hon’ble Anisul Huq, MP, Minister for Law, Justice & Parliamentary A airs (4th from le ) was Chief Guest, Mr. Fazle Kabir, Governor, Bangladesh Bank (3rd from le ) and Mr. Kazi M. Aminul Islam Executive Director, Bangladesh Investment Development Authority (BIDA) (3rd from right) were Special Guests at BIAC’s 6th Anniversary Seminar “Doing Business Index: ADR in E ective Enforcement of Contracts” . e Seminar was presided over by BIAC Chairman, Mr. Mahbubur Rahman (4th from right). Also seen in the picture are: Mr. Abul Kasem Khan, President, Dhaka Chamber of Commerce & Industry (DCCI) (1st from le ), Mr. Latifur Rahman, Managing Director & CEO Transcom Limited (2nd from le ), Ms. Nihad Kabir, President, Metropolitan Chamber of Commerce and Industry, Dhaka (MCCI) (2nd from right), Muhammad A. (Rumee) Ali, CEO BIAC (1st from right).
Mr. Chou Sean Yu, Chairman Chartered Institute of Farewell to Indonesian Ambassador Arbitrators (CIArb) Singapore, one of the foreign Speakers ICC Bangladesh hosted a farewell lunch on 25 January for shared his experience on the practice and implementation H. E. Mr. Iwan Wiranata-atmadja, Ambassador of of International Arbitration in Singapore and in the region. Indonesia to Bangladesh. ICC Bangladesh President Mr. Anil Xavier, President of the India Institute of Mahbubur Rahman thanked Ambassador Wiranata- Arbitration and Mediation (IIAM) highlighted the atmadja for his continuous support and cooperation in appropriateness of ADR in resolving commercial disputes furthering the relations between the two countries, in because of its efficiency. Both Speakers emphasised on the particular in expanding trade and investment. growing need for an ADR institution in Bangladesh to cater Mahbubur Rahman recalled his visit to Indonesia in to cross-border commercial disputes given the increasing August 2012 at the invitation of the then President of foreign investor interest in Bangladesh and BIAC’s role in Indonesia H.E. Prof. Dr. H. Susilo Bambang Yudhoyono as meeting this need. the Presidential Friend of Indonesia. He also referred to Mr. Mohammad Shahidul Haque, Senior Secretary, inviting the Former President Yudhoyono as the keynote Legislative & Parliamentary Affairs Division, Barrister Speaker at the Asia Pacific Business Forum scheduled to be Nihad Kabir, President of the Metropolitan Chamber of held in Dhaka on 8-9 February 2017.
48 Annual Report 2017 Indonesia sees Bangladesh as one of its major trade partners BIDA Executive Chairman, Kazi M. Aminul Islam; BIAC in South Asia because of its unique geographical location, Chairman Mohammad A. (Rumee) Ali and Md. Khalilur which links the South Asian Region with the ASEAN. Rahman, Managing Director, National Housing Finance and Investments Ltd.
ICCB President Mahbubur Rahman (4th from left) is seen with Indonesian Ambassador H. E. Mr. Iwan Wiranata-atmadja (middle). Also seen in the picture sitting from left to right Thai Ambassador H.E. Ms. Panpimon Suwannapongse; Malaysian High Commissioner H.E. Ms. Nur Ashikin binti Mohd Taib; Canadian High Commissioner H. E. Mr. Benoit Pierre Laramee; BIDA Executive Chairman, Kazi M. Aminul Islam; Sri Lankan High Commissioner H. E. Ms. Yasoja Gunasekera; Rokia Afzal Rahman, Vice President, ICCB and Mahbub Jamil, Chairman, ICE Technologies Limited. Standing from left to right Md. Khalilur Rahman, Managing Director, National Housing Finance and Investments Ltd.; Mr. Darryl Lau Kai Mun, Consul General of the Republic of Singapore to Bangladesh; Mr. Matiur Rahman, Chairman & Managing Director, Uttara Group of Companies; BIAC CEO Mohammad A. (Rumee) Ali; ETBL Holding Ltd., Managing Director, Mr. Rizwan Rahman, DCCI President Abul Kasem Khan; ICCB Board Members, R. Maksud Khan; A.S.M. Quasem and ICCB Secretary General Ataur Rahman. The similarities and commonly shared culture, religion, ICC Bangladesh hosted farewell Lunch for custom and social values, as well as historical background outgoing EU Ambassador are other related chapter of potentials that lead to the peoples of the two countries to more actively interact, ICC Bangladesh President Mahbubur Rahman hosted a mutually complete and share one to another in the farewell lunch for H.E. Mr. Pierre Mayaudon Ambassador of framework of boosting the bilateral relations and European Union to Bangladesh. President Mahbubur cooperation between Indonesia and Bangladesh. Recently, Rahman thanked the Ambassador for joining at the Lunch. the bilateral trade between Indonesia and Bangladesh He mentioned that Ambassador Mayaudon has made a reached 1.40 billion US dollars showing an increase of over substantial contributions in strengthening the relations 32% over the previous year. between Bangladesh and EU countries in different areas, in particular increasing export from Bangladesh. He hoped In order to promote further relations with respect to trade there will be more trade and investment between Bangladesh and to promote tourism, Indonesian government has and countries Mr. Mahbubur Rahman wished the Abassador decided to extend visa on arrival to Bangladesh visitors to all the success in his new assignment as the EU Ambassador Indonesia, the Ambassador mentioned. to Afghanistan. ICC Bangladesh President thanked the Ambassadors, High Commissioners and business colleagues The lunch was attended by H.E. Ms. Panpimon for joining at the Lunch despite their busy schedules. Suwannapongse, Ambassador of Thailand to Bangladesh; H. E. Ms. Nur Ashikin binti Mohd Taib, High Ambassador Mayaudon thanked ICC Bangladesh President Commissioner-designate of Malaysia to Bangladesh; H. E. Mahbubur Rahman for giving his opportunity meeting all Mr. Benoit Pierre Laramee, High Commissioner of Canada the friends with whom he has interacted during his tenure in to Bangladesh; Mr. Darryl Lau Kai Mun, Consul General of Bangladesh. He mentioned that Bangladesh should focus on the Republic of Singapore to Bangladesh; H. E. Ms. Yasoja building a very warm relationship with the European Union Gunasekera, High Commissioner of the Democratic (EU) countries to export more and attract foreign direct Socialist Republic of Sri Lanka to Bangladesh; Mrs. Rokia investment as well. A good relationship can change the Afzal Rahman, Vice President, ICCB; ICCB Board Members future investment landscape of Bangladesh as entrepreneurs A.S.M. Quasem, R. Maksud Khan; Mr. Matiur Rahman, of the 28 European nations are very much eager to invest in Chairman & Managing Director, Uttara Group of the diversified fields of the country. The envoy suggested Companies; Mr. Mahbub Jamil, Chairman, ICE diversifying both markets and products for more export Technologies Limited; Mr. Abul Kasem Khan, President, earnings. For example, he said, both the government and Dhaka Chamber of Commerce & Industry (DCCI); Mr. private sector should come forward to utilize the potential Rizwan Rahman, Managing Director, ETBL Holding Ltd.; of pharmaceuticals produced in the country.
Annual Report 2017 49 The farewell lunch was attended by H.E. Mr. Pierre Rizwan-Ur Rahman, Kazi M. Aminul Islam, Executive Mayaudon, Ambassador of EU, H. E. Ms. Julia Niblett, Chairman, BIDA and Mr. Muhammad A.(Rumee) Ali, High Commissioner of Australia, H.E. Ms. Panpimon CEO of BIAC and ICCB Secretary General Mr. Ataur Suwannapongse, Ambassador of Thailand, Ms. Refika Rahman.
EU Ambassador H.E. Mr. Pierre Mayaudon (11th from right) is seen with ICCB President Mahbubur Rahman (10th from right) at a farewell lunch hosted by ICC Bangladesh. Among others also seen in the picture BIDA Executive Chairman Kazi M. Aminul Islam (9th from le ); Australian High Commissioner to Bangladesh H.E. Ms. Julia Niblett (5th from right); H. E. Mr. Ahn Seong-doo, Ambassador of the Republic of Korea (8th from right); H.E. Ms. Nur Ashikin binti Mohd Taib, High Commissioner of Malaysia (6th from right); Mr. Bill Moeller, Counselor for Political & Economic A airs Embassy of USA (4th from right); ICC Bangladesh Vice Presidents Latifur Rahman & Rokia Afzal Rahman (8th from le & 4th from le ); MCCI President Nihad Kabir (3rd from right); DCCI President Abul Kasem Khan (2nd from right); ICCB Board Members R. Maksud Khan, A.S.M. Quasem & Md. Fazlul Hoque (3rd from le , 7th from le & extreme right); ICCB Members Mr. Mohammad Fazlul Azim, Mr. Rizwan-Ur Rahman (2nd from le & 7th from right); Anis A. Khan (9th from right), Managing Director & CEO Mutual Trust Bank Limited & ICCB Secretary General Ataur Rahman (extreme le )
Hayta, Charge d’Affaires of Denmark, H. E. Mr. Ahn Farewell to outgoing CEO of Standard Seong-doo, Ambassador of the Republic of Korea, Mr. Bill Chartered Bank Abrar A. Anwar Moeller, Counselor for Political & Economic Affairs Embassy of USA, H.E. Ms. Nur Ashikin binti Mohd Taib, ICC Bangladesh President Mahbubur Rahman hosted a High Commissioner of Malaysia, ICCB Vice Presidents dinner on 18 October to congratulate Standard Chartered Mr. Latifur Rahman & Mrs. Rokia Afzal Rahman, ICCB Bank Bangladesh CEO Abrar A. Anwar on his appointment Board Members Mr. A. S. M. Quasem, Mr. R. Maksud as the CEO of Standard Chartered Bank Malaysia. Mr. Khan, Mr. Mahbub Jamil, Mr. Md. Fazlul Hoque, DCCI Anwar is the first Bangladeshi to be appointed as a CEO of President Mr. Abul Kasem Khan, MCCI President a prestigious and well reputed international bank in foreign Barrister Ms. Nihad Kabir, Mr. Anis A. Khan, Managing country. ICC Bangladesh President recalled the support Director & CEO, Mutual Trust Bank Limited, Mr. Naser extended by Standard Chartered Bank Bangladesh (SCB) Ezaz Bijoy, Managing Director & Country Head of Global to ICC Bangladesh in carrying out various activities Banking, Standard Chartered Bank, ICCB Members Mr. including organizing international events in Dhaka. He Mohammad Fazlul Azim, Mr. Mohd. Arshad Ali & Mr. also thanked Mr. Anwar working very closely with the
Group picture of guests with ICC Bangladesh President Mahbubur Rahman at farewell to outgoing CEO of Standard Chartered Bank Abrar A. Anwar held on 18 October.
50 Annual Report 2017 business sector in creating investment opportunities and K. Khan & Company Ltd.; Mr. Naser Ezaz Bijoy, Managing economic development of Bangladesh. He wished Mr. Director & Country Head of Banking, Standard Chartered Anwar all the success in his new assignment and hoped that Bank ; Mr. Sohail R. K. Hussain, Managing Director & he will continue his relations with ICC Bangladesh in the CEO, The City Bank Ltd; Mr. Abul Ehtesham Abdul days ahead. Mr. Mahbubur Rahman also congratulated the Muhaimen, Managing Director of United Commercial CEO designate of SCB Mr. Naser Ezaz Bijoy who is at Bank Limited; Mr. Mohammed Abdur Rahim, Vice present Managing Director & Country Head of Banking, Chairman of DBL Group; Mr. Fahim Ahmad Ashraf, Head Standard Chartered Bank Bangladesh and hoped to of Audit, Standard Chartered Bank; Mr. Rizwan-Ur continue working with him. Rahman, Managing Director & CEO, ETBL Securities & Mr. Anwar thanked ICC Bangladesh President hosting the Exchange Ltd.; BIAC Director Mr. M.A. Akmall Hossain dinner and for his good words. He also thanked all the Azad; Ms. Bitopi Das Chowdhury, Head of Corporate guests and the business leaders for their kind presence and Affairs of Standard Chartered Bank & ICC Bangladesh the support extended to him during his tenure as the CEO. Secretary General Ataur Rahman. Mr. Anwar said that SCB is the oldest and largest foreign bank in Bangladesh that never closed its doors over 110 Australian High Commissioner visited ICC years of banking operation in the country. SCB It is the first Bangladesh international bank to extend credit lines to Bangladesh and At the invitation of ICC Bangladesh President Mahbubur open the first external letter of credit (LC) in Bangladesh in Rahman, High Commissioner of Australia H.E. Ms Julia 1972. Today, Standard Chartered Bank is the largest international bank in Bangladesh with 26 Branches & Booths and 83 ATMs; employing over 2,000 people. We are the only foreign bank in the country with presence in 6 cities – Dhaka, Chittagong, Khulna, Sylhet, Bogra and Narayanganj; including the country's only offshore banking units inside Dhaka Export Processing Zone (DEPZ) at Savar and Chittagong ICCB President Mahbubur Rahman (middle) is seen with Australian High Commissioner H.E. Ms Julia Niblett Export Processing Zone (CEPZ), he (2nd from right) during her visit to ICC Bangladesh on 17 October. Also seen in the picture (from L-R) Muhammad said. A. (Rumee) Ali, ICC Bangladesh Banking Commission Chairman & CEO BIAC; Ms. Priyanka Chowdhury, Economic Research O cer, Department of Foreign A airs & Trade and ICCB Secretary General Ataur Rahman.
The Dinner was attended by H.E. Ms. Marcia Stephens Niblett accompanied by Second Secretary Ms. Jane A. Bloom Bernicat, Ambassador of the USA to Bangladesh; Hardy and Economic Research Officer, Department of ICC Bangladesh Vice President Rokia Afzal Rahman; ICC Foreign Affairs and Trade Ms. Priyanka Chowdhury, Bangladesh Executive Members: Aftabul Islam; Anwar- visited ICC Bangladesh and Bangladesh International Ul-Alam Chowdhury (Parvez); Md. Siddiqur Rahman; Arbitration Centre (BIAC) on 17 October 17. They also Mir Nasir Hossain and Rashed Maksud Khan; DCCI attended a Lunch hosted by the ICC Bangladesh President Abul Kasem Khan; MCCI President Barrister President, which was attended by ICC Bangladesh Vice Nihad Kabir; Mr. Mahbub Jamil, Chairman of ICE President Rokia Afzal Rahman & Executive Board Technologies Limited; Mr. Mohammad Fazlul Azim, Members A. S. M. Quasem; Aftab ul Islam; Mir Nasir Managing Director of Azim Group; Mr. Abdul Hafiz Hossain and Md. Fazlul Hoque; Shasha Denims Chairman Parveen Mahmud; BIAC CEO Muhammad A Chowdhury FCA, Former President, Metropolitan (Rumee) Ali and ICC Bangladesh Secretary General Ataur Chamber of Commerce & Industry (MCCI); Syed Rahman. Mahbubur Rahman, Managing Director of Dhaka Bank Ltd.; Mr. Helal Ahmed Chowdhury, Supernumerary ICC Bangladesh President Mahbubur Rahman briefed the Professor of BIBM ; Dr. M. Masrur Reaz, Program Ambassador regarding the business opportunities in Manager, IFC; CEO of BIAC Mr. Muhammad A. (Rumee) Bangladesh for Australian investors specially in the Ali; Mr. Salahuddin Kasem Khan, Managing Director of A. infrastructure sector including energy.
Annual Report 2017 51 ICC Bangladesh President Mahbubur Rahman informed Bangladesh and BIAC. This has given her the opportunity the High Commissioner about the participation of a to exchange views and understand the operation of the two 13-Member ICC Bangladesh Delegation at 10th World institutions. The High Commissioner mentioned that from Chambers Congress held in Sydney on 19-21 September the very beginning, Bangladesh and Brunei has been and thanked her for supporting participation at the enjoying cordial and friendly relations as well as excellent Congress. He also briefed about the meeting of the understanding and cooperation. In 1985, soon after the Delegation with Austrade officials in Sydney on 20 September. During the meeting discussions were held on promotion of private sector trade and investment in the two countries. A number of areas including export of garments, pharmaceuticals and leather products were discussed.
ICC Bangladesh President said that the government is going to stet up 100 export processing zones and also allow setting up private export processing zones. He mentioned that South Korea
has already set up an export processing ICCB President Mahbubur Rahman (extreme right) is seen with Brunei High Commissioner H.E. Mrs. Masurai zone. Exclusive export processing zones Masri (2nd from right) during her visit to ICC Bangladesh on 9 November. Also seen in the picture First Secretary Hajah Zirwatul Asilati Haji Misli (2nd from le ) and ICC Bangladesh Secretary General Ataur Rahman. are also going to be set up by China, India and Japan. So, Australia can also take the advantage of Sultanate achieved independence, Bangladesh established setting up export processing zone in Bangladesh and take resident diplomatic mission in Brunei Darussalam. Brunei the advantage of the facilities extended by the Government reciprocated by establishing its resident diplomatic Mission of Bangladesh. Besides, there are vast investment in Dhaka. opportunities in infrastructure including energy. There is scope for further deepening and widening of The High Commissioner thanked ICC Bangladesh cooperation in a number of areas, particularly trade, President for inviting her and her colleagues to exchange investment and agriculture. The contribution to Brunei's views with ICC Bangladesh members and also meet some economy made by Bangladeshi nationals (such as teachers, of the members who went to Sydney. She mentioned that doctors, engineers and expatriate workers) continues to Australia welcomes the continuing growth of its strengthen relations to the mutual benefit of the two relationship with Bangladesh. Our two-way trade now countries, she observed. The High Commission has been stands at $2bn, reflecting Bangladesh’s significant making efforts to sensitize the business community in economic growth and our highly complementary both countries about existing opportunities. Some commercial strengths, she said. forward movement is already seen resulting in increase in trade value in the recent years. Enterprising individuals, Brunei High Commissioner visited ICC though very few, are making efforts in a few areas with the Bangladesh potential to expand trade. More needs to be done in this The High Commissioner of Brunei Darussalam H.E. Mrs. regard, the High Commissioner said. It may be mentioned Masurai Masri accompanied by First Secretary Hajah that bilateral trade between the two countries is still Zirwatul Asilati Haji Misli visited ICC Bangladesh and insignificant both in volume and value although there is Bangladesh International Arbitration Centre (BIAC). They good potential in a number of areas. also attended a Lunch hosted by the ICC Bangladesh Earlier, ICC Bangladesh President Mahbubur Rahman President Mahbubur Rahman on November 9. thanked the High Commissioner for accepting the invitation The High Commissioner thanked the ICC Bangladesh and briefed her about the activities of ICC Bangladesh and President for inviting her and her colleague to visit ICC also ICC Paris.
52 Annual Report 2017 ICCB Executive Board Meetings in 2017: ICC Bangladesh President congratulated Abul Kashem reviewed activities and approved budget and Khan and Barrister Nihad Kabir on their being re-elected plan of action as DCCI President and MCCI President respectively. He also thanked them for their continued support to ICC The first meeting of the ICC Bangladesh Executive Board Bangladesh. was held on 7 May at ICC Bangladesh Secretariat. The Executive Board reviewed the activities of the National The Executive Board Members were also requested by the Committee including participation at 10th World President to attend ICC Asia Pacific RCG and the 4th Asia Chambers Congress in Sydney during 19-21 September, Pacific CEO Forum to be held in Tokyo on 8-9 March and status on purchase of new office space for ICC Bangladesh UNESCAP Asia Pacific Business Forum (APBF) to be held and approved applications of new members. on 9-11 April 2018 in Hong Kong. The Executive Board Meeting presided over by ICC Bangladesh President Mahbubur Rahman were attended by Vice Presidents Latifur Rahman and Rokia Afzal Rahman; the following seven Board Members: A. K. Azad, A. S. M. Quasem, Kutubuddin Ahmed, Md. Fazlul Hoque, Mir Nasir Hossain, Tapan Chowdhury, Rashed Maksud Khan and Rupali Chowdhury and Secretary General Ataur Rahman. DCCI President Abul Kashem Khan ICCB Executive Board Meeting is in progress and Bangladesh International Arbitration Centre CEO The Executive Board Meeting presided over by ICC Muhammad A (Rumee) Ali attended on invitation. Bangladesh President Mahbubur Rahman were attended by Vice Presidents Latifur Rahman and Rokia Afzal The 2nd Executive Board meeting of the year 2017 was Rahman; the following seven Board Members: A.S.M. held on 11 September at ICC Bangladesh Secretariat. The Quasem, Anwarul Alam Chowdhury (Parvez), Executive Board reviewed the activities of the National Kutubuddin Ahmed, Mahbubul Alam, Md. Fazlul Hoque, Committee including participation at 10th World Rashed Maksud Khan, Sheikh Kabir Hossain and Chambers Congress in Sydney, status of interior work of Secretary General Ataur Rahman. DCCI President Abul new office space for ICC Bangladesh and approved Kashem Khan and MCCI President Barrister Nihad Kabir applications of new members. attended on invitation. The Executive Board Meeting presided over by ICC Bangladesh President Mahbubur Rahman were attended ICCB Banking Commission Meetings held by Vice Presidents Latifur Rahman and Rokia Afzal Two Meetings of the ICC Bangladesh Banking Commission Rahman and the following five Board Members: A. K. Azad, were held during the year. A Meeting of the ICC Md. Fazlul Hoque, Mir Nasir Hossain, Tapan Chowdhury, Bangladesh Banking Commission was held on 12 June and Rashed Maksud Khan and ICC Bangladesh Secretary the another was held on 3 December at ICC Bangladesh General Ataur Rahman. DCCI President Abul Kashem Secretariat. The Meetings Chaired by ICC Bangladesh Khan, Bangladesh International Arbitration Centre CEO Banking Commission Chairman Muhammad A. (Rumee) Muhammad A (Rumee) Ali and Shasha Denims Chairman Ali was attended by the following members: Md. Ahsan Parveen Mahmud attended on invitation. Ullah, Advisor, Financial Sector Support Project & Former The last Executive Board meeting during the year 2017 Executive Director of Bangladesh Bank; Helal Ahmed was held on 26 December at ICC Bangladesh Secretariat. Chowdhury, BIBM Supernumerary Professor & Former The Executive Board reviewed the activities of the Pubali Bank Managing Director; Additional Managing National Committee, approved the Plan of Action and Director of Dhaka Bank Limited Emranul Huq; Additional Budget for 2018 and the interior plan for the new office of Managing Director of Islami Bank Bangladesh Mahbubul ICC Bangladesh at Gulshan. Alam; Prime Bank Deputy Managing Director Rahel
Annual Report 2017 53 Ahmed; Deputy Managing Director & Head of Corporate banking sector as well as in organizing seminars to discuss Banking of Eastern Bank Ahmed Shaheen; Sr. Representative on various topical issue concerning Bangladesh. Commerzbank AG Bangladesh Tawfiq Ali; Former Managing ICC Bangladesh President Mahbubur Rahman thanked SCB Director of Sonali Bank Mohammed Hossain; Md. Bakhteyer CEO Mr. Bijoy for sharing his views on the banking sector. Hossain, Executive Vice President, Mutual Trust Bank He also thanked all the Members of the Commission for Limited and ICCB Secretary General Ataur Rahman. their continued support to ICC Bangladesh in organizing The Banking Commission Chairman welcomed Prime workshops both at home abroad for improving professional Bank Deputy Managing Director Rahel Ahmed as a new skills of bankers. ICC Bangladesh Secretary General Ataur Member of the Banking Commission. Mr. Ahmed thanked Rahman briefed the members about the activities of the the Chairman for inviting him as a member and assured his National Committee during 2017 and presented the Action full support and cooperation to the Banking Commission Plan for 2018 for consideration of the Commission and in carrying out various activities. approval of ICC Bangladesh Executive Board.
Mr. Naser Ezaz Bijoy, Chief Executive Officer of Standard Chartered Bank Bangladesh (SCB) attended as Special Guest. He presented his thoughts on Bangladesh banking sector including credit risks, operational risks, financial crime control reducing loan default, among other things. Chairman Rumee Ali thanked Mr. Bijoy for accepting the invitation and congratulated him on his appointment as CEO of SCB. Mr. Bijoy mentioned that SCB will always work with ICC Bangladesh in strengthen the ICCB Banking Commission Meeting is in progress.
ICC Bangladesh hosts CDCS, CITF & CSDG Examinations in Dhaka on 7 April ICC Bangladesh conducted the Certified Documentary Credit Specialist (CDCS), Certificate in International Trade and Finance (CITF) & Certificate for Specialists in Demand Guarantees (CSDG) in Dhaka on 7 April and 13 October. The three examinations are being Examinations CDCS CITF CSDG Year (2008-2017) (2010-2017) (2014-2017) held twice globally every (2008-2017) Appeared Passed Appeared Passed Appeared Passed year. ICC Bangladesh has 2008 12 10 - - - - been arranging the 2009 32 14 - - - - examinations in Dhaka 2010 35 11 03 03 - - on behalf of London 2011 53 17 08 07 - - Institute of Banking and 2012 89 51 07 05 - - Finance (LIBF), UK (the 2013 188 119 03 02 - - new name of ifs 2014 172 90 18 15 05 04 University College, UK). 2015 -April 190 148 05 03 04 03 The total number of 2015 -October 85 52 02 02 08 06 candidates appeared and 2016 -April 173 98 03 03 12 11 passed since the starting of 2016 -October 96 60 04 03 09 09 holding the Examinations 2017 April 141 89 02 02 12 11 in Dhaka in 2008 are given 2017 -October 125 66 0 0 06 06 below: Total 1391 825 55 45 56 50
54 Annual Report 2017 Action Plan for 2018
Advanced Workshop on Documentary Credits and Guarantees for Specialists (January and April)
Seminar on International Factoring for Foreign Trade jointly with ADB and FCI (Dhaka, May)
Workshop on International Factoring for Foreign Trade jointly with ADB and FCI (Dhaka, May)
Workshops/Seminars Workshop on Letters of Credit in Law and Practice (March and June)
Workshop on International Trade Finance (Phnom Penh, Cambodia, April)
Workshops on International Trade Fraud-Prevention, Control and Remedies (Dhaka and Chittagong mid-July)
Seminar on greater Digitalization of Trade Finance Industry
Workshop on International Trade Finance and Capital and Credit Risk Distribution (September, Singapore)
Dialogue on Regional Connectivity for Trade Facilitation and Investment Business Dialogues Dialogue on Belt and Road Initiative
Dialogue on Governance of Financial Institutions
Holding of Certified Documentary Credit Specialist (CDCS), Certificate in International Trade Finance Certi cate Courses (CITF) and Certificate of Specialists in Demand Guarantees (CSDG) Examinations in Dhaka.
Quarterly News Bulletin
Media Blitz Publications
Annual Report
Annual Report 2017 55 Glimpses from the Gallery at APBF Dhaka during 8-9 February
H.E. Mr. Md. Abdul Hamid, Hon’ble President of the People’s Republic of Bangladesh is launching Special Publication of APBF.
ICC Bangladesh President Mahbubur Rahman is presenting Memento to H.E. Md. Abdul Hamid, Hon’ble President of the People’s Republic of Bangladesh.
A partial view of audience at Inaugural Ceremony.
56 Annual Report 2017 Glimpses from the Gallery at APBF Dhaka during 8-9 February
H.E. Mr. Md. Abdul Hamid, Hon’ble President of the People’s Republic of Bangladesh (middle) is seen with H.E. Mr. Tofail Ahmed, M.P. (3rd from left); H.E. Mr. Rishad Bathiudeen, Minister of Industry and Commerce, Sri Lanka (2nd from right); ICCB President Mahbubur Rahman (2nd from left); ICCB Vice Presidents Latifur Rahman & Rokia Afzal Rahman (extreme right & extreme left) and ICCB Secretary General Ataur Rahman (3rd from right) is seen by the sideline of the APBF.
Group Picture of the ICC Bangladesh Executive Board Members with H.E. Mr. Md. Abdul Hamid, Hon’ble President of the People’s Republic of Bangladesh with other dignitaries.
ICC Bangladesh President Mahbubur Rahman presented crest to the Dignitaries at the Inaugural Ceremony.
Annual Report 2017 57 Glimpses from the Gallery at APBF Dhaka during 8-9 February
Speakers at the Business Session on Supporting SDGs through Digital Financial Models by Inclusive Business. The session was Moderated by Dr. Salehuddin Ahmed, Former Governor, Bangladesh bank.
Speakers at the Business Session on Supporting and Empowering Disadvantaged MSMEs to Become More Competitive and Sustainable. The Session was Moderated by Md. Mosharraf Hossain Bhuiyan, ndc, Senior Secretary, Ministry of Industries (middle) Bangladesh.
Speakers at the Business Session on Supporting Trade and Transport Facilitation for Regional Integration. The Session was moderated by Mr. Hedayetullah Al Mamoon, ndc; Senior Secretary Ministry of Commerce (4th from left) Bangladesh.
58 Annual Report 2017 Glimpses from the Gallery at APBF Dhaka during 8-9 February
ICC Bangladesh President Mahbubur Rahman is seen with UNCTAD Secretary General Dr. Mukhisa Kituyi.
H.E. Mr Tofail Ahmed M.P., Minister of Commerce, Govt. of the People’s Republic of Bangladesh (middle) is seen with Former Adviser to the care taker govt. of Bangladesh Dr. Mirza Md. Azizul Islam (3rd from left), Principle Coordinator, Sustainable Development Goals (SDG) Affairs, PMO Mr. Abul Kalam Azad (2nd from left), UNCTADSecretary General Dr. Mukhisa Kituyi (3rd from right), Mr. Wencai Zhang, Vice-president (Operations) (extreme right), Dato Iqbal Rawther (extreme left) & Tan Sri Dato’Dr. Michael yeoh, Chief Executive Officer/ Director, Asian Strategy & Leadership Institute (ASLI) (2nd from right).
Speakers at the Business Session on Economic Outlook and Key Policy Challenges in Emerging Asia. The Session was Moderated by Mr. Masato Abe, Economic Affairs Officer, Business and Development Section, Trade, Investment and Innovation Division, UNESCAP (extreme left).
Annual Report 2017 59 ICC Bangladesh Delegation to 10th World Chambers Congress in Sydney
Group picture of ICC Bangladesh delegation at 10th WCC. ICC Bangladesh President Mahbubur Rahman (5th from le ); ICC Bangladesh Vice Presidents Latifur Rahman (4th from le ) & Rokia Afzal Rahman (middle); ICCB Board Members from le to right are : Md. Fazlul Hoque, A.K. Azad & Kutubuddin Ahmed; Director at International Chamber of Commerce, Regional O ce, Asia, Lee Ju Song (6th from le ); ICCB Member and Shasha Denims Chairman Parveen Mahmud (6th from right) are seen among others.
ICCB President Mahbubur Rahman (extreme le ) exchanging views with World Chambers Federation Chairman Peter Mihok (extreme right). Also seen in the picture Common Wealth Enterprise and Investment Council Chief Executive Richard Burge.
ICC Bangladesh President Mahbubur Rahman (2nd from right), former Prime Minister of Finland & Member of Executive Board of International Chamber of Commerce Esko Aho (middle); International Chamber of Commerce Chief Operating O cer Philip Kucharski (extreme right), ICC Bangladesh Secretary General Ataur Rahman (2nd from le ) are seen among others.
60 Annual Report 2017 ICC-UNESCAP Workshop at Bangkok during 20-22 December
ICC ailand Chairman Mr. Somyod Tangmeelarp presenting a memento to ICC Bangladesh President Mahbubur Rahman at inauguration of ICC-UNESCAP Workshop held in Bangkok on 20 December. Bangladesh Ambassador to ailand H.E. Ms. Saida Muna Tasneem is also seen in the picture.
Group picture of participants with Deputy Director, Financial Technology Department, Bank of ailand, Ms. Wijitleka Marome (5th from right) & ICC Bangladesh Secretary General Ataur Rahman at ICC–UNESCAP Workshop on International Trade Finance during their visit to Bank of ailand (Central Bank) on 22 December.
Group picture of participants with o cials of Bangkok Bank at ICC –UNESCAP Workshop on 22 December.
Annual Report 2017 61 ICC Austria Trade Finance Workshop in Vienna during 17-19 May
Bangladesh Ambassador to Austria H.E. Mr. Md. Abu Zafar (4th from le ) is seen with ICC Bangladesh Banking Commission Chairman Muhammad A. (Rumee) Ali (extreme right), ICC Bangladesh Secretary General Ataur Rahman (2nd from le ), ICC Austria Executive Director Dr. Max Burger-Scheidlin (2nd from right), Head of Trade Finance and Transaction Banking at Rai eisen Bank International AG Sabine Zucker (3rd from le ), ICC Bangladesh Banking Commission Member Helal Ahmed Chowdhury (3rd from right) and Additional Managing Director & Chief Operating O cer of Mutual Trust Bank Ltd. Md. Hashem Chowdhury (extreme le ) at ICC Austria Trade Finance Workshop in Vienna on 18 May.
ICC Bangladesh Banking Commission Chairman Muhammad A. (Rumee) Ali (middle) with ICC Bangladesh Secretary General Ataur Rahman (extreme right), ICC Austria Executive Director Dr. Max Burger-Scheidlin (3rd from right), ICC Bangladesh Banking Commission Member Helal Ahmed Chowdhury (2nd from le ), Additional Managing Director & Chief Operating O cer of Mutual Trust Bank Md. Hashem Chowdhury (3rd from le ), Bob Ronai, Export Document Service, Australia (2nd from right) and Chief Representative of Commerzbank AG Bangladesh Tawq Ali (extreme le ) during ICC Austria Trade Finance Workshop in Vienna on 18 May.
A section of Bangladeshi participants at ICC Austria Trade Finance Workshop in Vienna (17-19 May).
62 Annual Report 2017 Images from the Gallery
ICC Bangladesh President Mahbubur Rahman receiving a memento as Guest of Honour from Vice Chancellor, University of Dhaka Professor Dr. Md. Akhtaruzzaman at the 10th founding anniversary of the Department of International Business, University of Dhaka held on 8 November.
ICC Bangladesh President Mahbubur Rahman presenting a souvenir to outgoing EU Ambassador H.E. Mr. Pierre Mayaudon at ICCB Farewell Lunch.
H.E. Mr. Md. Shahriar Alam, M.P. (5th from right), State Minister, Ministry of Foreign A airs, Govt. of Bangladesh is seen with H.E. Panpimon Suwannapongse (middle), Ambassador, Royal ai Embassy & ICC Bangladesh President Mahbubur Rahman (4th from right) at “ ai Festival in Bangladesh” held on September 13. Also seen in the picture from le to right are : former FBCCI President Matlub Ahmad; Tawq Uddin Ahmed, Chairman, Galaxy Group; S. N. Manzur Murshed, President, Association of Travel Agents of Bangladesh (ATAB); H.E. Mr. Munir M. Merali, Resident Diplomatic Representative, Aga Khan Development Network; Mr. Kumpol Plussind, Chief Executive O cer, Chularat International Hospital, ailand; Srisuda Wanapinyosak, Deputy Governor for International Marketing (Asia and South Pacic), Tourism Authority of ailand; ongchai Keeratihuttayakorn, Deputy Director General, Ministry of Public Health of the Kingdom of ailand & Mingpant Chaya, President, ailand - Bangladesh Business Council (TBBC), ailand.
Annual Report 2017 63 Images from the Gallery
ICC Bangladesh President Mahbubur Rahman (3rd from right) is seen with ICCB Executive Board Member Mir Nasir Hossain (3rd from le ), DCCI President Mr. Abul Kasem Khan (2nd from right), FBCCI First Vice President Sheikh Fazle Fahim (2nd from le ) and BKMEA former Vice President Mr. Mohammad Hatem (extreme le ) at 11th WTO Ministerial Meeting held in Buenos Aires, Argentina. ey attended as members of the Bangladesh Delegation led by Commerce Minister Mr. Tofail Ahmed, M.P.
ICC Bangladesh President Mahbubur Rahman (centre) receiving a cheque as DCCI contribution for new O ce Space of ICC Bangladesh from DCCI President Abul Kasem Khan on 12 November. Also seen in the picture DCCI Sr. Vice President Kamrul Islam, FCA.
ICC Bangladesh Secretary General Ataur Rahman is seen with Her Excellency Hon. Linda Dessau AC, Governor of Victoria, Australia at 9th World Chinese Economic Summit held in Hong Kong on 13-14 November.
64 Annual Report 2017 Images from the Gallery
ICC Bangladesh President Mahbubur Rahman is seen with ICC Paris Chief Operating O cer and Executive Director of Policy and Business Practices Stefano Bertasi during ICC Bangladesh delegation visit to ICC Paris.
ICC Bangladesh Banking Commission Chairman & Chief Executive O cer of Bangladesh International Arbitration Centre (BIAC) Muhammad A. (Rumee) Ali is addressing at the Inauguration of ICC Workshop on Documentary Credits and Guarantees for Specialists. ICC Bangladesh Secretary General Ataur Rahman (right) and K. M. Lutfor Rahman is a Senior Manager & Head of Import Settlement, Trade Operations of BRAC Bank Limited are also seen.
Group picture of ICC Bangladesh Annual Council
Annual Report 2017 65 Glimpses from the Press
66 Annual Report 2017 Glimpses from the Press
Annual Report 2017 67 ICC Bangladesh Members List
Trade Organizations
001. e Federation of Bangladesh Chambers of 006. Bangladesh Association of Banks (BAB) Commerce & Industry (FBCCI) Jabber Tower (16th oor) Federation Bhaban 42, Gulshan Avenue 60, Motijheel C/A, Dhaka-1000 Road # 135, Gulshan -1 Tel. : 9560102-3 Dhaka-1212 Fax : 9576261, 9560588 Tel. : 9853478, 9859885 E-mail : [email protected] Fax : 9851015,9860301 Website : www. cci-bd.org E-mail : [email protected] 002. Dhaka Chamber of Commerce & Industry (DCCI) 007. Bangladesh Insurance Association (BIA) DCCI Building Hossain Tower 65-66, Motijheel C/A, Dhaka-1000 9th oor, 116, Naya Paltan, Tel. : 9552562, 9560732 Box Culvert Road Fax : 9550103 Dhaka 1000 E-mail : [email protected] Tel. : 9346378, 9330179 Website : www.dhakachamber.com.org Fax : 9346378 003. Metropolitan Chamber of Commerce & Industry (MCCI) E-mail : [email protected] Chamber Building, 122-124, Motijheel C/A, Website : www.bia-bd.org Dhaka-1000 008. Bangladesh Garment Manufacturers & Tel. : 9574129-31, 9565208-10 Exporters Association (BGMEA) Fax : 9565212, 9565211 BGMEA Complex (3rd Floor) E-mail : [email protected] 23/1, Panthapath Link Road Website : www.mccibd.org Kawran Bazar 004. Chittagong Chamber of Commerce & Industry (CCCI) Dhaka – 1215 WTC Building, 102/3 Agrabad, C/A, Chittagong Tel. : 55027910-21 Tel. : 031-713366-9, 031-711355 Fax : 55027922-23 Fax : 031-710183 E-mail : [email protected] E-mail : [email protected] Website : www.bgmea.com.bd Website : www.chittagongchamber.com 009. Bangladesh Knitwear Manufacturers & 005. Foreign Investors’ Chamber of Commerce & Industry Exporters Association (BKMEA) (FICCI) 233/1, B.B. Road “Shama Homes” Apt #C-3, House # 59, Road #01 Press Club Bhaban (1st Floor & 3rd oor) Block # i, Banani, Dhaka-1213 Narayangonj – 1400 Tel. : 9892913,9893049 Tel. : 58615910, 58615964 Fax : 9893058 Fax : 9673337 E-mail : info@ cci.org.bd E-mail : [email protected] Website : www. cci.org.bd/ Website : www.bkmea.com Corporate Bodies: Banks 010. AB Bank Limited 012. Bank Alfalah Limited BCIC Bhaban 168, Gulshan Avenue, Gulshan 2, Dhaka-1212 30-31, Dilkusha C/A, Dhaka-1000 Tel. : 9860939 Tel. : 9560312 Fax : 9896782,9886743 Fax : 9564122 E-mail : [email protected] E-mail : [email protected] Website : www.bankalfalah.com Website : www.abbl.com.bd 013. BASIC Bank Limited 011. Agrani Bank Ltd. Sena Kalyan Bhaban (6th Floor) 9/D, Motijheel C/A, Dhaka-1000 195, Motijheel C/A, Dhaka-1000 Tel. : 9566153-4 Tel. : 9568190, 9564830 Fax : 9562346 Fax : 9564829, 7115612 E-mail : [email protected] E-mail : [email protected] Website : www.agranibank.org Website : www.basicbanklimited.com
68 Annual Report 2017 014. BRAC Bank Limited 022. e Hongkong and Shanghai Banking Corporation Ltd. Anik Tower, 220/B, Tejgaon Gulshan Link Road Shanta Western Tower (L-4) Tejgaon, Dhaka 1208 186, Bir Uttam Mir Shawkat Ali Road Tel. : 8801301-32, 9888807 (Gulshan Tejgaon link Road) Fax : 9898910, 9841867 Tejgaon Industrial Area, Dhaka-1208 E-mail : [email protected] Tel. : 09666331000 mdso[email protected] Fax : 8878864-65 Website : www.bracbank.com E-mail : [email protected] 015. Citibank N.A [email protected] 8, Gulshan Avenue, Gulshan, Dhaka – 1212 Website : www.hsbc.com.bd Tel. : 09666991000,8833567 023. IFIC Bank Limited Fax : 9899126 IFIC Tower, 61 Purana Paltan, Dhaka-1000 E-mail : [email protected] Tel. : 9563020-9 Website : www.asia.citibank.com/bangladesh/corporate Fax : 9563237 016. e City Bank Limited E-mail : sarwar.shah@i cbankbd.com; City Bank Center Website : www.i cbankbd.com 136, Gulshan Avenue, Gulshan-2 024. Islami Bank Bangladesh Ltd. Dhaka-1212 Islami Bank Tower, Tel. : 02 58813483,58814375 40, Dilkusha C/A, Dhaka-1000 Fax : 58814231, 9884446 Tel. : 9567173 E-mail : [email protected] Fax : 9564532 [email protected] E-mail : [email protected] Website : www.thecitybank.com Website : www.islamibankbd.com 017. Commercial Bank of Ceylon PLC 025. Janata Bank Ltd. Hadi Tower, NW(K)-1, Road-50 110, Motijheel C/A, Dhaka-1000 Kemal Ataturk Avenue Tel. : 9587639 Gulshan-2, Dhaka-1212 Fax : 9560869 Tel. : 48810010,9896054 E-mail : [email protected] Fax : 4881022 Website : www.janatabank-bd.com E-mail : [email protected]; 026. Mutual Trust Bank Limited Website : www.combank.net MTB Centre, 26 Gulshan Avenue 018. Dhaka Bank Limited Plot -5, Block- SE(D) 71, Purana Paltan Lane, Gulshan -1, Dhaka -1212 Kakrail, Dhaka-1000 Tel. : 984 6966, 9842429 Tel. : 58314424-30 Fax : 9884921 Fax : 5831 4419 E-mail : [email protected] E-mail : [email protected] Website : www.mutualtrustbank.com Website : www.dhakabankltd.com 027. National Bank Limited 019. Eastern Bank Limited 18, Dilkusha C/A, Dhaka-1000 Jiban Bima Bhaban (2nd oor) Tel. : 9563081-5 100, Gulshan Avenue, Dhaka – 1212 Fax : 9569404, 9563953 Tel. : 55069001 E-mail : [email protected] Fax : 55069011 Website : www.nblbd.com E-mail : [email protected] 028. National Credit & Commerce Bank Ltd. Website : www.ebl.com.bd 13/1, 13/2 Toyenbe Circular C/A 020. Export Import Bank of Bangladesh Ltd. Motujheel C/A, Dhaka-1000 Symphony, Plot SE (F) 9, Road #142 Tel. : 9561902-4, 9563981-3 Gulshan Avenue, Gulshan -1, Dhaka-1212 Fax : 9566290 Tel. : 9889363,9889484 E-mail : [email protected] Fax : 9889358 [email protected] E-mail : [email protected]; Website : www.nccbank-bd.com Website : www.eximbankbd.com 029. One Bank Limited 021. First Security Islami Bank Limited HRC Bhaban (3rd Floor) House No-SW(I) 1/A, Road -08 46, Karwan Bazar C/A, Dhaka-1215 Gulshan -1, Dhaka-1212 Tel. : 9118161, 9141397 Tel. : 9888446 Fax : 9134794 Fax : 9891915 E-mail : [email protected] E-mail : [email protected] Website : www.onebankbd.com
Annual Report 2017 69 030. Prime Bank Limited 034. Standard Chartered Bank Adamjee Court Annex Building-2 SCB House, 67 Gulshan Avenue 119-120, Motijheel C/A, Dhaka-1000 Dhaka-1212 Tel. : 9567265, 9570747-8 Tel. : 8833003, 8833004 Fax : 9560977, 9567230 Fax : 9894445,9890013 E-mail : [email protected] m.bd E-mail : [email protected] Website : www.primebank.com.bd Website : www. standardchartered.com 031. Pubali Bank Limited 035. State Bank of India 26, Dilkusha C/A, Dhaka-1000 57 & 57/A Uday Tower (1st Floor) Tel. : 9551614, 9562166 Gulshan Avenue, Gulshan-1, Dhaka – 1212 Fax : 9585785 Tel. : 9889152, E-mail : [email protected], Fax : 9894526 [email protected] E-mail : [email protected] Website : www.pubalibangla.com Website : www.sbibd.com 032. Shahjalal Islami Bank Limited 036. Trust Bank Limited Shahjalal Islami Bank Tower Shadhinata Tower, Level (1, 7, ,8, 9, 10, & 11) Plot No: 4, Block-CWN(C ) Bir Srestha Shaheed Jahangir Gate, Gulshan Avenue, Dhaka-1212 Dhaka Cantonment, Dhaka. Tel. : 9893189,9845457 Tel. : 9850635,9850638 Fax : 9844009, 9844015 Fax : 9850651 E-mail : [email protected]; E-mail : [email protected]; : [email protected] Website : www.trustbank.com.bd Website : www.shahjalalbank.com.bd 037. United Commercial Bank Limited 033. Sonali Bank Ltd. Bulus Center , Plot - CWS- (A)-1 35-44, Motijheel C/A, Dhaka-1000 Road No – 34, Gulshan Avenue, Dhaka-1212 Tel. : 9550426-34 Tel. : 55668070, 09611999999 Fax : 9561410, 9561409 Fax : 88-02-8852504 E-mail : [email protected]; E-mail : [email protected] Website : www.sonalibank.com.bd Website : www.ucbl.com
Non-Banking Financial Institutions: Leasing & Investment 038. IDLC Finance Limited 041. International Leasing and Financial Services Limited Bays Galaria (1st Floor) 65/2/2 Bir Protik Gagi Golam Dastagir Rd 57, Gulshan Avenue, Dhaka-1212 Purana Paltan, DR Tower (13th oor) Tel. : 8834990-4 Dhaka-1000 Fax : 8834377, 8835887 Tel. : 9559639, 9586671-75 E-mail : [email protected] Fax : 9559640 Website : www.idlc.com 039. Industrial and Infrastructure E-mail : [email protected] Development Finance Co. Ltd. (IIDFC) Website : www.ilfsl.com Chamber Building (6th Floor) 122-124, Motijheel C/A, Dhaka-1000 042. National Housing Finance and Investments Limited Tel. : 9559311-2, 9553254 Corporate Head oce, Gulshan Branch Fax : 9568987 , 9566733 Concord Baksh Tower (7th oor) E-mail : [email protected]; Plot: 11-A, Road: 48, Website : www.iidfc.com Block: CWN(A) 040. IPDC Finance Limited Gulshan-2, Dhaka-1212 Hosna Centre (4th Floor) Tel. : 09609200555,9614480,9670612-4 106, Gulshan Avenue, Dhaka-1212 Tel. : 09612-885533, 55068931-36 Fax : 58811652, 9671016 Fax : 9885529, 9885532 E-mail : [email protected] E-mail : [email protected] [email protected] Website : www.ipdcbd.com Website : www.nationalhousingbd.com
70 Annual Report 2017 043. e UAE-Bangladesh Investment Company Limited 044. Uttara Finance and Investments Limited Erectors House (5th Floor) Uttara Centre (11th Floor) 18, Kemal Ataturk Avenue 102, Shahid Tajuddin Ahmed Sarani Banani C/A, Dhaka-1213 Tejgaon, Dhaka-1208. Tel. : 9888203 Tel. : 8170281-5 Fax : 58810718 Fax : 8170277 E-mail : [email protected] E-mail : info@uttara nance.com Website : www.ubinco.com Website : www.uttara nance.biz
Non-Banking Financial Institutions: Insurance
045. Bangladesh General Insurance Co. Ltd. 050. Pragati Insurance Limited 42, Dilkusha C/A, Dhaka-1000 Pragati Bhaban (16th Floor) Tel. : 9555073-4 20-21, Kawran Bazar Fax : 9564212 Dhaka – 1215 E-mail : [email protected] Tel. : 9133680-2 Website : www.bgicinsure.com Fax : 55013694 046. Eastern Insurance Company Limited E-mail : [email protected] 44, Dilkusha C/A, (2nd oor) Website : www.PragatiInsurance.com Dhaka-1000 Tel. : 9563033-4, 9564246-8 051. Reliance Insurance Limited Fax : 9569735 Shanta Western Tower (Level-5) E-mail : [email protected] 186, Tejgaon I/A Website : www. easterninsurancebd.com Dhaka-1208 047. Eastland Insurance Company Limited Tel. : 8878836-44 13, Dilkusha C/A Fax : 8878831-4 Dhaka-1000 E-mail : [email protected] Tel. : 9564600 : [email protected] Fax : 9554569 Website : www.reliance.com.bd E-mail : [email protected], Website : www.eastlandinsurance.com 052. Sadharan Bima Corporation 048. Green Delta Insurance Co. Ltd. 33, Dilkusha C/A Green Delta Aims Tower Dhaka-1000 51/52 Mohakhali Tel. : 9572277,9552070 Dhaka-1212 Fax : 9564197 Tel. : 9851902, 9851170 E-mail : [email protected]; Fax : 9851124 Website : www.sbc.gov.bd E-mail : [email protected] Website : www.green-delta.com 053. United Insurance Company Limited 049. Pioneer Insurance Company Limited Camelia House Rangs Babylonia (5th Floor) 22, Kazi Nazrul Islam Avenue 246, Bir Uttam Mir Shawkat Sarak Tejgaon, Dhaka-1208 Dhaka-1000 Tel : 8878901 Tel. : 9663372, 58611720-2 Fax : 8878913, 8878914 Fax : 58614475 E-mail : [email protected] E-mail : [email protected] Website : www.pioneerinsurance.com.bd Website : www.unitedinsurance.com.bd Law Firms 54. A. Hossain & Associates 55. Dr. Kamal Hossain & Associates 3B Outer Circular Road MCCI Building Maghbazar, Dhaka-1217 122-124, Motijheel C/A, Dhaka-1000 Tel. : 8311492, 8322935 Tel. : 9564954 Fax : 9344356 Fax : 9564953 E-mail : [email protected]; E-mail : [email protected]
Annual Report 2017 71 56. Fida M. Kamal & Associates 58. Rokanuddin Mahmud and Associates (Barristers & Advocates) Delta Dahlia Tower (8th oor) 64, Purana Paltan (3rd oor) 36, Kamal Ataturk Avenue Motijheel C/A Banani, Dhaka-1213 Dhaka-1000 Tel. : 9822317,9822315 Tel. : 9567646 Fax : 9822319 Fax : 9567641 E-mail : [email protected] E-mail : kamal [email protected] 59. Syed Ishtiaq Ahmed & Associates 57. Huq and Company Concord Ovilash (1st Floor) 47/1, Purana Paltan House No. 62, Road No.11A Dhaka-1000 Dhanmondi, Dhaka-1209 Tel. : 9552196, 9555953 Tel. : 58151535 Fax : 9562434 Fax : 58151136 E-mail : [email protected]; E-mail : [email protected];
National Companies
60. Abdul Monem Limited 64. Apex Footwear Limited Monem Business District House # 06, Road # 137 111, Bir Uttam C.R. Dutta Road Block # SE(D), Gulshan-1 (Sonargaon Road) Dhaka-1212 Dhaka-1205 Tel. : 55044841 Tel. : 9632011-13, 9632304-10 Fax : 55044843 Fax : 9632315 E-mail : [email protected] E-mail : [email protected] Website : www.apexfootwearltd.com 61. A. K. Khan & Company Ltd. 65. Arlinks Limited Bay’s Gallerea (2nd Floor) Red Crescent Concord Tower 57 Gulshan Avenue (11th Floor) Suite-B Gulshan -1, Dhaka-1212 17, Mohakhali C/A Tel. : 9848132,9848715-6 Dhaka-1212 Ps- : 01819210290 Tel. : 9888517, 9850254-7 Fax : 9895930 Fax : 9888388 E-mail : akkhan.corporateo[email protected] E-mail : [email protected] Website : www.akkhan.com Website : www.arlinksgroup.com 62. A. K. Khan Telecom Ltd. 57 & 57A Uday Tower (9th oor) 66. ASM Chemical Industries Limited. Gulshan-Avenue, 240 Tejgaon I/A Gulshan -1 , Dhaka-1212 Dhaka-1208 Tel. : 8833873,9892169,9887485 Tel. : 8879178 to 80 Fax : 8833872 Fax : 8879184 E-mail : [email protected]; E-mail : [email protected] Website : www.akkhan.com, 67. Azim Group 63. Alpha Tobacco Manufacturing Co. Ltd. Scout Bhaban (3rd Floor) Jatiya Scout Bhaban 70/1, Inner Circular Road 70/1, Purana Paltan Line Kakrail, Dhaka-1000 Kakrail (9th oor), Dhaka Tel. : 9332339, 02-9331119 Tel. : 8315072, 8313553 Fax : 8312964 Fax : 8315335 E-mail : [email protected] E-mail : [email protected] Website : www.azimgroup.com
72 Annual Report 2017 68. Bashundhara Paper Mills Ltd. 75. Envoy Garments Limited 125/1, Block-A, Baridhara Envoy Tower Dhaka-1212 18/E Lake Circus Kalabagan, Dhaka Tel. : 8431024-8,8432008-17 Tel. : 9102583-90 Fax : 8431085, 8431611 Fax : 7214193, 9102849 E-mail : [email protected]; E-mail : [email protected] Website : www.bashundharagroup.com Website : www.envoygroup.com 69. Bay Consolidation (Pvt.) Limited 76. Envoy Textiles Limited Chowdhury Centre Envoy Tower, 18/E Lake Circus Kalabagan 23/KA, New Eskaton Road West Panthapath, Dhaka-1205 Dhaka-1000 Tel. : 9102583-90, Tel. : 48318763 Fax : 9102849, 9130162 Fax : 9355229 E-mail : [email protected] E-mail : [email protected] Website : www.envoygroup.com Website : www.chowdhurygroup.com 77. ETBL Holdings Limited 70. Bengal Fine Ceramics Limited Suvastu Tower (9th Floor) HH Bhaban (4th Floor) 69/1, Panthapath, Dhaka-1205 52/1, New Eskaton, Dhaka-1000 Tel. : 9641283-4 Tel. : 9343948 Fax : 9641285 E-mail : [email protected] E-mail : [email protected] Website : www.bfcl.net 78. ETBL Securities & Exchange Ltd. 71. CONEXPO Suvastu Tower (9th Floor) Rupayan Karim Tower 69/1, Panthapath, Dhaka-1205 5th Floor, Flat # 5A, 80 Kakrail Tel. : 9641351-4 VIP Road, Dhaka-1000 Fax : 9641285 Tel. : 48316606,9347982 E-mail : [email protected] Fax : 48312826 Website : www.etbl securities.com E-mail : [email protected] 79. Evince Group Website : www.conexpobd.com Lotus Kamal Tower, (level-7&12) 72. DBL Ceramics Ltd. 57, Joar Sahara C/A, Nikunja-2 BGMEA Complex (12th oor) New airport Road, Dhaka-1229 23/1, Panthapath Link Road Tel. : 8900066-7,8900696 Fax : 8900897 Karwan Bazar, Dhaka-1215 E-mail : [email protected]; Tel. : 55028040 Website : www.evincegroup.com Fax : 8140214 80. Financial Excellence Limited (FinExcel) E-mail : [email protected] House # 16, Road # 23, Block # B Website : www.dbl-group.com Banani, Dhaka – 1213 Tel. : 55033759, 55033760 73. Dhaka Stock Exchange Ltd. Fax : 55033761 9-F, Motijheel C/A, Dhaka-1000 E-mail : info@ nexcelbd.org Tel. : 9564601, 9576210-18 Website : www. nexelbd.org Fax : 9564727 81. Green Textile Limited E-mail : [email protected] House-17, Road-15, Sector-3 : [email protected] Rabindra Sarani, Uttara, Dhaka Tel. : 09611008899 Website : www.dsebd.org Fax : 892070 74. Elite Group of Industries Website : www.epichk.com nd “South Avenue Tower” (2 oor) 82. HRC Syndicate Limited House No. 50, Road No. 3 11/F HRC Bhaban 7 Gulshan Avenue, Gulshan-1 46 Kawran Bazar C/A, Dhaka-1215 Dhaka-1212 Tel. : 9115183-4, 9133418-22 Tel. : 9859998 Fax : 9128991-2, 8110993 Fax : 9883681 E-mail : [email protected]; [email protected] E-mail : [email protected] [email protected] Website : www.aquapaints.com Website : www.hrcbd.com
Annual Report 2017 73 83. Ha-Meem Denim Ltd. 90. Meghna Group of Industries Head Oce House No-15, Road No-34 407, Tejgaon I/A, Dhaka-1208 Gulshan-1, Dhaka-1212 Tel. : 8170592-93, 8170564 Tel. : 9881857 Fax : 8170623,8170583 Fax : 9890410 E-mail : ra [email protected] E-mail : [email protected] : [email protected] Website : www.meghnagroup.biz 84. ICE Technologies Limited 91. e Merchants Limited Apt-5B, House-11, Road-17 Merchants House Block-D, Banani House No. 5/C, Road No. 13 Dhaka-1213 Sector-3, Uttara, Dhaka-1230 Tel. : 9899042,9899479 Tel. : 58953645-9 E-mail : [email protected] Fax : 58950379 [email protected] E-mail : [email protected] 85. Incepta Pharmaceuticals Ltd. Website : www.themerchantsltd.com 40, Shahid Tajuddin Ahmed Sarani 92. Mir Akhter Hossain Limited Tejgaon I/A, Dhaka-1208 Red Crescent Borak Tower Tel. : 8891688-703 Level-7, 71-72 Old Elephant Road Fax : 8891190-91 Eskaton Garden E-mail : [email protected] Ramna, Dhaka-1000 Website : www. inceptapharma.com Tel. : 9134572-3, 9136761 86. International Trade Connection (Pte) Ltd. Fax : 8110992, 9133214 E-mail : [email protected] Arcadia Grove Apartment [email protected] House # 06, Apt No-5A3 Website : www.mirakhter.net Road No-15 (New), 28 (Old) 93. e Mohammadi Limited Dhanmondi R/A Lotus Kamal Tower-1, Level-10 Dhaka-1209 57, Zoar Shahara, Nikunjo-2 (North) Tel : 8825801 Dhaka-1229 Email: [email protected] Tel. : 8952704-9-Ext-111 [email protected] Fax : 8959254 87. IOE (Bangladesh) Limited E-mail : [email protected] Wali Center (3-5th Floor) Website : www.mohammadigroup.com 74, Gulshan Avenue 94. Navana Limited Dhaka-1212 House-16/B, Road-93 Tel. : 984 21 74, 984 63 19 Gulshan-2, Dhaka -1212 E-mail : [email protected] Tel. : 9895714 ,9883321 Website : www.ioe.com.bd Fax : 8832980 88. Jaroms Consultants Ltd. E-mail : [email protected] rd BCIC Bhaban, (3 oor) Website : www.navana.com 30/31 Dilkusha, Dhaka-1000 95. Newage Garments Ltd. Tel. : 9570299, 9561289, 9580056 42/I, Indira Road Fax : 9564366 Dhaka-1215 E-mail : [email protected], Tel. : 912 6535 Website : www.jaroms bd.com Fax : 8113518 89. Karnaphuli Fertilizer Co. Ltd. (KAFCO) E-mail : [email protected] Website : www.newage-group.com IDB Bhaban (13th Floor) E/8-A, Rokeya Sharani 96. Newage Textiles Ltd. Sher-e-Bangla Nagar 42/I, Indira Road Dhaka-1207 Dhaka-1215 Tel. : 918 3141 -42 Tel. : 8153204 Fax : 918 3140 Fax : 8113518 E-mail : [email protected] E-mail : [email protected] Website : www.kafcobd.com Website : www.newage-group.com
54 Annual Report 2017 97. Paci c Bangladesh Telecom Limited 104. Star Particle Board Mills Ltd. Paci c Centre, 14, Mohakhali C/A Shanta Western Tower (Level-13) Dhaka-1212 186, Tejgaon I/A, Dhaka-1208 Tel. : 98842186-7, 9842761-5 Tel. : 8878800-11 Fax : 8823575, 9891065-66 Fax : 8878815 E-mail : [email protected] E-mail : [email protected] 98. Plummy Fashions Limited Website : www.partexstargroup.com Flat#502, Concord Tower 105. S. S. Shipping & Chartering Ltd. 113, Kazi Nazrul Islam Avenue Symphony (7th oor), Plot-SE(F)9, Road-142 Dhaka-1000 South Avenue, Gulshan-1, Dhaka-1212 Tel. : 48317240,09611522522 Tel. : 9885397 E-mail : [email protected] Fax : 9860676 Website : www.plummyfashions.com E-mail : [email protected], 99. Prime Textile Spinning Mills Limited [email protected] Sena Kalyan Bhaban (8th Floor) 106. Shasha Denims Ltd. 195, Motijheel C/A House -23, Road -129 Dhaka-1000 Gulshan-01, Dhaka-1212 Tel. : 9564851-2, 9564856 Tel. : 9850548, 9854679, 9855263 Fax : 9564857, 9590421 Fax : 9851698 E-mail : [email protected] E-mail : [email protected] Website : www.primegroup.com.bd Website : www.shashadenim.com 100. Sano Bangladesh Limited *107. Shohagpur Textile Mills Limited 6/2/A, Segun Bagicha Richmond Concord (5th oor) Dhaka-1000 68 Gulshan Avenue, Gulshan-1, Dhaka-1212 Tel. : 9562824, 9562893 Tel. : 9845105 Fax : 9550009 Fax : 58817567 E-mail : sano .bd@sano .com E-mail : [email protected] Website : www.sano .com.bd Website : www.purbanigroup.com 101. Scholastica Limited 108. e Sylhet Tea Company Limited House # 3/D, Road # 2/A 67, Motijheel C/A (2nd Floor), Dhaka-1000 Block # J, Baridhara, Dhaka. Tel. : 9554349, 9552001 Tel. : 9887277, 8815222-3, 8819500 Fax : 9568865 Fax : 58813141 E-mail : [email protected] E-mail : [email protected] 109. Transcom Beverages Limited Website : www.scholasticabd.com Gulshan Tower (10th Floor) 102. Square Pharmaceuticals Limited Plot No.31, Road No. 53 48, Mohakhali C/A Gulshan North C/A, Dhaka-1212 Dhaka-1212 Tel. : 9898131,9862220 Tel. : 8833047-56, 9859007 Fax : 8834584 Fax : 9834941,9848768 E-mail : [email protected] E-mail : [email protected]; Website : www.transcombd.com Website : www.squarepharma.com.bd 110. Transcom Limited 103. Square Textiles Limited Gulshan Tower (11th Floor) 48, Mohakhali C/A Plot No.31, Road No. 53 Dhaka-1212 Gulshan North C/A Tel. : 8833047-56 Dhaka-1212 Fax : 9828768, 9848609 Tel. : 58814662-3 E-mail : [email protected] Fax : 9887376, 9887373 : [email protected] E-mail : [email protected] Website : www.textiles.squaregrp.com Website : www.transcombd.com
Annual Report 2017 75 111. Transmarine Logistics Ltd. 112. Van Ommeren Tank Terminal Bangladesh Ltd. Jahangir Tower (6th oor) North Potenga 10, Kazi Nazrul Islam Avenue Chittagong-4000 Kawran Bazar, Dhaka-1215 Tel. : 741858, 741884 Tel. : 9125792-96, 9130641, Fax : 8127901 740921 E-mail : [email protected] [email protected] Fax : 741514 Website : www.mghgroup.com E-mail : [email protected] Multinational Companies 113. BASF Bangladesh Limited 118. Duncan Brothers (Bangladesh) Limited SAM Tower Camelia House Level -07, House No. 04 22, Kazi Nazrul Islam Avenue Road No. 22, Gulshan-01 Dhaka-1000 Dhaka-1212 Tel. : 9661397-8, 58611720-2 Fax : 58613576 Tel. : 9851981-5 E-mail : [email protected] Fax : 9851980 [email protected] E-mail : [email protected] Website : www.duncanbd.com Website : www.basf.com.bd 119. Expeditors (Bangladesh) Ltd. 114. Berger Paints Bangladesh Limited 25 Gulshan Avenue Berger House Dhaka 1212 House No. 8, Road No. 2 Tel. : 9890594-6 Sector-3, Uttara Model Town Fax : 9890775,8822887 Dhaka-1230 E-mail : [email protected] Tel. : 48953665 Website : www.expeditors.com Fax : 48951350, 8951350 120. GrameenPhone Ltd. E-mail : [email protected] GP House Website : www.bergerbd.com Bashundhara, Baridhara, Dhaka-1229 Tel. : 9882990 115. British American Tobacco Bangladesh Co. Ltd. Fax : 9882970 New DOHS Road E-mail : [email protected] Mohakhali, Dhaka-1206 Website : www.grameenphone.com Tel. : 9842791-95 121. Li & Fung Bangladesh Limited Fax : 9842786 ABC Heritage, Plot#2 & 4 E-mail : [email protected] Jashim Uddin Avenue Website : www.batbangladesh.com Sector#3, Uttara Model Town 116. Bureau Veritas (BIVAC) Bangladesh Ltd. Dhaka-1230 84, Kazi Nazrul Islam Avenue Tel. : 55669922 Farmgate, Dhaka-1215 Fax : 8931036 Tel. : 9129723-4, 9127714 E-mail : [email protected] Fax : 9126486, 8117891 Website : www. lifung.com E-mail : [email protected]; 122. Linde Bangladesh Limited 285, Tejgaon I/A, Dhaka-1208 [email protected] Tel. : 8870322-27, 8870341-45 Website : www.bureauveritas.com Fax : 8870365, 8870336 117. DHL Worldwide Express (Bangladesh) Pvt. Ltd. E-mail : [email protected] Molly Capita Centre (Level 4 & 5) Website : www.linde.com.bd 76 Bir Uttam Mir Showket Road 123. LSI Industries Ltd. Gulshan 1, Dhaka -1212 Plot no: 61-72 DEPZ (Extn Area) Tel. : 55668101, 9895810 Ganakbari, Savar, Dhaka. Fax : 9841692 Tel : 9883525, 9883526 E-mail : [email protected] E-mail : [email protected] Website : www.dhl.com Website : www.lsitwn.com
76 Annual Report 2017 124. Maersk Bangladesh Limited 128. Robi Axiata Limited Plot-76/A, (4th Floor) 53 Gulshan South Avenue Road-11, Block-M, Banani Dhaka-1212 Dhaka-1213 Cell : 01817180017 Tel. : +880 9612 888 202 ,8809612 Fax : 9885463 Fax : 8834792 E-mail : [email protected] E-mail : [email protected] Website : www.robi.com.bd : [email protected] Website : www.maerksline.com 129. Siemens Bangladesh Limited 125. Nestle’ Bangladesh Limited 8 Gulshan, South Ave. Laila Tower Nina Kabbo, Level-4 (7th & 8 Floor), Gulshan-1 227, Tejgaon I/A, Gulshan Link Road Dhaka-1212 Dhaka-1208 Tel. : 9893536 Tel. : 09609609222 Fax : 9893597 Fax : 9887453,9896570 E-mail : [email protected] E-mail : [email protected] Website : www.siemens.com.bd Website : www.nestle.com 126. Nordic Chamber of Commerce and Industry in 130. Singer Bangladesh Limited Bangladesh (NCCI) House-5B, Road No. 126 C/O Maersk Bangladesh Ltd. Gulshan-1, Dhaka-1212 4th Floor, Plot 76/A, Road 11 Tel. : 58815797 Block M, Banani, Dhaka 1213 Fax : 9858247, 9857624 Cell : 01777700752 E-mail : [email protected] E-mail : [email protected] Website : www.singerbd.com Website : www.nccib.com 127. Puls Trading Far East Ltd 131. SGS Bangladesh Limited House no. NW(K) 8/A, Road No. 50 Road -24, House-37, Gulshan-1 Gulshan-2, Dhaka-1212 Dhaka-1212 Tel. : 09609000466 Tel. : 9862740, 9676500 Fax : 9882603 Fax : 9862910 E-mail : [email protected] E-mail : [email protected] Website : www.hm.com Website : www.bd.sgs.com
Annual Report 2017 77 [email protected]
Independent Auditor’s Report & Audited Financial Statements of ICC Bangladesh For the year ended 31st December 2017
78 Annual Report 2017 Mahfel Huq & Co. Chartered Accountants
INDEPENDENT AUDITOR’S REPORT
Report on the Financial Statements We have audited the accompanying nancial statements of the International Chamber of Commerce (ICC) – Bangladesh comprising Statement of Financial Position as at December 31, 2017 and the related Statement of Comprehensive Income, Receipts & Payments Account, Statement of Cash Flows and Notes thereto for the year then ended and a summary of signi cant accounting policies and other explanatory information. Management’s Responsibility for the Financial Statements Management is responsible for the preparation and fair presentation of these nancial statements in accordance with Bangladesh Accounting Standards (BASs), Bangladesh Financial Reporting Standards (BFRSs) and other applicable laws and regulations for such internal control as management determines is necessary to enable the preparation of nancial statements that are free from material misstatement, whether due to fraud or error. Auditor’s Responsibility Our responsibility is to express an opinion on these nancial statements based on our audit. We conducted our audit in accordance with Bangladesh Standards on Auditing (BSAs). ose standards require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance where the nancial statements are free from material misstatement. An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the nancial statements. e procedures selected depend on the auditor’s judgment, including the assessment of the risk of material misstatement of the nancial statements, whether due to fraud or error. In making those risk assessments the auditor consider internal control relevant to the entity’s preparation and fair presentation of the nancial statements in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the eectiveness of the entity’s internal control. An audit also includes evaluation the appropriateness of accounting policies used and the reasonableness of accounting estimates made by management, as well as evaluating the overall presentation of the nancial statements. We believe that the audit evidence we have obtained is sucient and appropriate to provide a basis for our audit opinion. Opinion In our opinion, the Financial Statements present fairly, in all material respect, the nancial position of International Chamber of Commerce-Bangladesh as at 31st December 2017 and its nancial performance, receipts and payments and its cash ows for the year then ended in accordance with Bangladesh Accounting Standards(BASs), Bangladesh Financial Reporting Standards (BFRSs) and other applicable laws and regulations. We also report that: a) We have obtained all the information and explanations which to the best of our knowledge and belief were necessary for the purposes of our audit and have made due veri cation thereof; b) In our opinion, proper books of account as required by law have been kept by the International Chamber of Commerce-Bangladesh so far as it appeared from our examination of those books; and c) e statement of nancial position and the statement of comprehensive income and other comprehensive income dealt with by the report are in agreement with the books of account.
Dated: May 09, 2018 Mahfel Huq & Co. Chartered Accountants
Annual Report 2017 79 Mahfel Huq & Co. Chartered Accountants
INTERNATIONAL CHAMBER OF COMMERCE - BANGLADESH Statement of Financial Position As at December 31, 2017
Amount in Taka Particulars Notes 2017 2016 Assets: Non - Current Assets: 238,191,795 88,138,842 Property, Plant & Equipment 3 155,281,545 15,841,245 Equity Contribution to Bangladesh International Arbitration Centre (BIAC) 4 7,757,771 6,507,771 Equity Contribution to Bangladesh Foreign Trade Institute (BFTI) 5 2,000,000 2,000,000 FDRs including accrued interest 6 73,152,479 63,789,826
Current Assets: 11,665,974 106,417,096 Accounts Receivable 7 6,079,181 2,753,176 Advance For New Oce (sqf:6631) - 100,030,000 Deposits & Advances 8 280,000 779,100 ICC Publications & Books 167,442 168,554 Cash and Bank Balances 9 5,139,351 2,686,266
Total Assets 249,857,769 194,555,938
Equity and Liabilities 231,640,373 181,722,061 Capital Fund 10 231,640,373 181,722,061
Current Liabilities 18,217,396 12,833,877 Donation For Nepal Earthquake - 5,800,000 Registration fees CDCS/CITF/CSDG 7,559,770 5,482,155 Payable against New Oce 10,118,000 - Advance Received for APBF & Others 11 - 1,007,739 Accounts Payable 12 539,626 543,983
Total Equity and Liabilities 249,857,769 194,555,938
e annexed notes 1 to 27 form an integral part of these nancial statements.
Secretary General President ICC Bangladesh ICC Bangladesh
Signed as per our annexed report of even date.
Dated : May 09, 2018 Mahfel Huq & Co. Chartered Accountants
80 Annual Report 2017 Mahfel Huq & Co. Chartered Accountants
INTERNATIONAL CHAMBER OF COMMERCE- BANGLADESH Comprehensive Income Statement For the year ended December 31, 2017
Amount in Taka Particulars Notes 2017 2016 Income: Subscriptions 13.00 3,615,000 3,440,000 Registration fees for Workshop/Seminar 14.00 30,120,862 16,876,034 Registration fees for CDCS, CITF & CSDG 17,141,500 19,992,000 Special Contribution For New Oce Space 33,500,000 55,000,000 Income from APBF 15.00 16,561,076 - Sale of Publications 16.00 47,400 13,000 Interest Income 17.00 5,552,659 6,955,716 Other Income 18.00 1,917,964 1,624,776 Income from Rent 3,260,400 3,260,400 111,716,861 107,161,926 Expenditure:
Oce & Administrative Expenses 19.00 9,289,346 8,257,186 Workshop/Seminar Expenses 20.00 19,824,891 11,142,396 Registration fees to CDCS, CITF & CSDG 13,969,824 16,794,813 Expenses for APBF 21.00 10,459,880 - Contribution to ICC HQs. 630,682 706,099 ICC Publications 606,500 654,500 Entertainment Expenses 831,119 734,234 Depreciation - Annexure-1 2,755,237 1,126,500 Other Expenses 22.00 1,074,656 385,952 Donation to Nepal Earthquake 2,256,414 - Audit Fees 100,000 80,000 61,798,549 39,881,680 Excess of Income over Expenditure transferred to Capital Fund 49,918,312 67,280,246
e annexed notes 1 to 27 form an integral part of these nancial statements.
Secretary General President ICC Bangladesh ICC Bangladesh
Signed as per our annexed report of even date.
Dated : May 09, 2018 Mahfel Huq & Co. Chartered Accountants
Annual Report 2017 81 Mahfel Huq & Co. Chartered Accountants
INTERNATIONAL CHAMBER OF COMMERCE - BANGLADESH Receipts & Payments Account For the year ended December 31, 2017
Amount in Taka Particulars Notes 2017 2016 RECEIPTS Opening Balances : 64,898,597 91,029,254 Cash in Hand 5,386 663 Cash at Banks 2,680,880 9,166,957 Fixed Deposit Receipts 62,212,331 81,861,634
Receipts during the year 108,680,340 109,069,780 Capital Receipts 23.00 300,000 300,000 Revenue Receipts 24.00 30,009,406 35,886,007 Conference & Other Receipts 25.00 44,870,934 17,883,773 Members Special Contribution for Gulshan oce 33,500,000 55,000,000 Total 173,578,937 200,099,034
PAYMENTS Payments during the year 97,646,106 135,200,437 Revenue Payments 26.00 9,664,777 8,505,625 Conference & Other Payments 27.00 55,933,793 26,664,812 Payment For New Oce Space 32,047,536 100,030,000
Closing Balances : 75,932,831 64,898,597 Cash in Hand 491 5,386 Cash at Banks 5,138,860 2,680,880 Fixed Deposit Receipts 70,793,480 62,212,331
Total 173,578,937 200,099,034
e annexed notes 1 to 27 form an integral part of these nancial statements.
Secretary General President ICC Bangladesh ICC Bangladesh
Signed as per our annexed report of even date.
Dated : May 09, 2018 Mahfel Huq & Co. Chartered Accountants
82 Annual Report 2017 Mahfel Huq & Co. Chartered Accountants
INTERNATIONAL CHAMBER OF COMMERCE- BANGLADESH Statement of Cash Flows For the year ended December 31, 2017
Amount in Taka Particulars 2017 2016 A. Cash Flow From Operating Activities:
Receipts : 108,680,340 109,069,780 Admission & Membership Fees 300,000 300,000 Revenue Receipts 30,009,406 35,886,007 Members Special Contribution for Gulshan oce 33,500,000 55,000,000 Conference & Other Receipts 44,870,934 17,883,773
Payments : 97,646,105 135,200,437 Revenue Payments 9,664,776 8,505,625 Payment For New Oce Space 32,047,536 100,030,000 Conference & Other Payments 55,933,793 26,664,812
Net Cash Flow (Use) From Operating Activities 11,034,235 (26,130,657)
B. Cash Flow From Investing Activities: Enchashment /Investment in FDR (8,581,149) 19,649,303
Net cash Flow used by Investing Activities (8,581,149) 19,649,303 C. Cash Flow From Financing Activities: - - - -
Net Cash Flow From Financing Activities - -
D. Net Increase/(Decrease) in Cash & Cash Equivalents(A+B+C): 2,453,086 (6,481,354) Cash & Bank Balances at the beginning of the Year 2,686,266 9,167,620 Cash & Bank Balances at end of the year 5,139,351 2,686,266
e annexed notes 1 to 27 form an integral part of these nancial statements.
Secretary General President ICC Bangladesh ICC Bangladesh
Signed as per our annexed report of even date.
Dated : May 09, 2018 Mahfel Huq & Co. Chartered Accountants
Annual Report 2017 83 Mahfel Huq & Co. Chartered Accountants
INTERNATIONAL CHAMBER OF COMMERCE - BANGLADESH Notes to the Financial Statements For the year ended 31 December, 2017
1.00 Background and Objectives : e Bangladesh National Committee of the International Chamber of Commerce Bangladesh (ICC-B) established in 1994 having its aliation from the International Chamber of Commerce, Paris which established in 1919 to run the organization with speci c rules & regulations. ICC Bangladesh is comprised of major Chambers of Commerce & Business Associations including FBCCI, DCCI, CCCI, MCCI, FICCI, BAB, BIA, BGMEA & BKMEA and Banks, Insurance Companies, Law Firms, Non- Banking Financial Institutions, National & Multinational Companies. e main objectives of the Organization are to promote International trade, Services and Investment, while eliminating obstacles and distortions to international commerce and also to promote a Market Economy system based on the principles of free and fair competition among the Business enterprises. 2.00 Summary of Signi cant Accounting Policies : 2.01 Basis of Preparation of the Financial Statements a) Basis of Accounting e nancial statements have been prepared in accordance with Chamber’s Policies following Bangladesh Financial Reporting Standards (BFRS), Bangladesh Accounting Standards (BAS), Generally Accepted Accounting Principles (GAAP) and other applicable law & regulation applied on a consistent basis under the historical cost convention on a going concern basis. b) Revenue Recognition All income has been recognized and all expenditure has been accounted on accrual basis. c) Property, Plant & Equipments Tangible Fixed assets are accounted for according to BAS 16: Property, Plant & Equipment, at historical cost less cumulative depreciation d) Depreciation Depreciation on xed assets has been charged on reducing balance method at the rates varying from 5% to 15%. e) Statement of Cash Flows Statement of Cash Flows has been prepared under the direct method for the period, classi ed by operating, investing and nancing activities as prescribed in paragraph 10 and 18 (a) of BAS 7 Statement of Cash Flows. f) General i) Figures have been rounded o to the nearest Taka. ii) Previous year’s gures have been rearranged, wherever consider necessary to conform to current year presentation. iii) Interest received on FDR has been shown net of tax deduction at source (TDS) by the respective Banks/Financial Intitutions.
84 Annual Report 2017 Mahfel Huq & Co. Chartered Accountants
2.02 Reporting Period ese Financial Statements cover one year starting 1st January 2017 to 31 December 2017. 2.03 Foreign Currency Transaction Foreign Currency Transactions are recoreded at the applicable rates of exchange rulling at the date of transaction. 2.04 Comprehensive Income Statement: Statement of pro t or loss and Other Comprehensive Income has been titled as Comprehensive Income Statement since it is a non trading organization. 2.05 Others Figures appearing in the nancial statements have been rounded o to the nearest Taka and previous year's gures and account titles have been re-arranged, wherever considered necessary for the purpose of comparison.
Amount in Taka 2017 2016 3.00 Property, Plant & Equipment Original Cost 32,414,992 32,287,467 Add: Additions during the year-at cost of New Oce Space at Gulshan 142,195,536 127,525 174,610,528 32,414,992 Less: Adjustment/Disposal during the year - - 174,610,528 32,414,992 Less: Accumulated Depreciation 19,328,983 16,573,747
Written Down Value 155,281,545 15,841,245
Details of Property, Plant & Equipment are stated in Annexure - 1
3.01 a) O ce Building at Panthapath: Present Oce of ICC Bangladesh at Suvastu Tower (6th oor) 69/1, Panthapath, Green Road, Dhaka- 1205 was purchased on 13-06-2005 at a cost of Tk.21,124,060 in aggregate. b) O ce Building at Gulshan: ICCB has acquired by purchase of New oce space of 6631 square feet including its proportionate share of land on the 5th oor of the 13- storied building (including basement) of RANGS FC ENCLAVE, Plot No#6/A, Road No#32, Block-CWS(A), Gulshan Commercial Area, Dhaka-1212 through 2(two) dierent deeds registered all dated 04-10-2017 for Tk.142,195,536 in aggregate. 4.00 Equity Contribution to Bangladesh International Arbitration Centre (BIAC) Opening Balance 6,507,771 5,000,000 Contribution during the year 1,250,000 1,250,000 Contribution of Loan to equity - 257,771 7,757,771 6,507,771 e amount represents the equity contribution to BIAC established in 2004 by the three Chambers namely ICCB, DCCI & MCCI under e Companies Act 1994 as a non-pro t institution under Sec.28 of e Companies Act.1994.
Annual Report 2017 85 Mahfel Huq & Co. Chartered Accountants
Amount in Taka
2017 2016
5.00 Equity Contribution to Bangladesh Foreign Trade Institute (BFTI) 2,000,000 2,000,000 e amount represents the equity contribution to BFTI established in 2006 by the Govt. agencies and seven Chambers & Associations namely ICCB, DCCI, MCCI, FBCCI, CCCI, BGMEA & BTMA under the joint stock companies act 1994 as a non-pro t organization under Sec.28 of e Companies Act.1994. 6.00 FDRs including accrued interest : Total FDR during the year 70,793,480 62,212,331 Add: Interest accrued on FDR 2,358,999 1,577,495 73,152,479 63,789,826 7.00 Accounts Receivable : Subscription Receivable 7.01 365,000 385,000 Receivable against others 7.02 5,714,181 1,165,000 Commission from LIBF - 1,203,176 6,079,181 2,753,176 7.01 Subscription Receivable : BAB 40,000 - Bar. Rokanuddin Mahmud & Associates 25,000 - CONEXPO Ltd. 110,000 110,000 Grameenphone 25,000 - Eastern Insurance Co. Ltd. - 25,000 A Hossain & Associates - 25,000 Fida M.Kamal & Associates - 25,000 Bureau Veritas BIVAC BD Ltd. - 25,000 Lafarge Surma Cement Ltd. - 25,000 Siemens Bangladesh Ltd. - 25,000 SGS Bangladesh Limited - 25,000 Paci c Bangladesh Telecom Ltd. 25,000 25,000 FBCCI 40,000 - GE International 50,000 50,000 e Sylhet Tea Company Ltd. 25,000 - Newage Garments Limited - 25,000 Uttara Finance & Investment Ltd. 25,000 - 365,000 385,000 7.02 Receivable against others : Sponsors/Supporters 3,200,000 700,000 Rent Receivable 815,100 - Receivable from Workshop/Seminer 1,174,081 - Bills Receivable 525,000 465,000 5,714,181 1,165,000 8.00 Deposits & Advances : Deposit for T & T Phone 80,000 80,000 Advance for APBF - 641,600 Advance Salary 200,000 57,500 280,000 779,100
86 Annual Report 2017 Mahfel Huq & Co. Chartered Accountants
Amount in Taka 2017 2016 9.00 Cash & Bank Balances : Cash in Hand 491 5,386 Cash at Banks 9.01 5,138,860 2,680,880 5,139,351 2,686,266 9.01 Cash at Banks : Mutual Trust Bank Ltd. 666,848 1,214,376 National Bank Ltd 4,472,012 1,466,504 5,138,860 2,680,880 10.00 Capital Fund : Opening Balance 181,722,061 114,441,815 Add: Surplus of Income Over Expenditure 49,918,312 67,280,246 231,640,373 181,722,061 11.00 Advance Received for APBF & Others APBF Silver Sponsorship - 500,000 Advance Received From APBF - 257,739 Vienna Conference - 250,000 - 1,007,739 12.00 Accounts Payable : Electricity Bill 27,936 45,577 Telephone Bill 11,690 8,406 Audit Fees 100,000 90,000 Spellbound 350,000 350,000 CD & Videography 50,000 50,000 539,626 543,983 13.00 Subscriptions : Organizational Members 400,000 400,000 Corporate Members 2,915,000 2,740,000 3,315,000 3,140,000 Admission & Membership Fee 300,000 300,000 3,615,000 3,440,000 14.00 Registration Fees For Workshop/Seminar : Reg.Fees For Workshop (Dhaka) 5,825,996 4,013,000 Reg.Fees For Bangkok 6,071,700 - Reg.Fees For Jakarta 7,150,000 - Reg.Fees For Vienna 11,073,166 - Reg.Fees For Hanoi Workshop - 12,863,034 30,120,862 16,876,034 15.00 Income from APBF Platinum Partner 4,500,000 - Gold Sponsor 3,000,000 - Silver Sponsor 4,500,000 - Advertisements 1,515,565 Reg Fees 3,045,511 - 16,561,076 -
Annual Report 2017 87 Mahfel Huq & Co. Chartered Accountants
Amount in Taka 2017 2016
16.00 Sale of Publications: ICC Publications 15,000 4,200 Sales of ISBP 3,100 5,000 Sales of Incoterms 16,500 - Sales of UCP 600(BD) 9,600 3,800 Sales of URBPO 3,200 - 47,400 13,000 17.00 Interest Income : Interest on FDRs 5,322,391 6,646,438 Interest on STD 230,268 309,278 5,552,659 6,955,716 18.00 Other Income : Commission from LIBF 994,667 1,203,176 Advertisement 170,000 421,600 World Chamber Congress Australia 732,973 - Miscellaneous Income 20,324 - 1,917,964 1,624,776 19.00 O ce & Administrative Expenses : Salary 7,520,969 6,607,284 Electricity Bill & GAS Bill 237,324 233,613 Conveyance, Courier, Postage & Stamp 190,632 237,056 Newspaper & Periodicals 25,116 22,073 Photocopy, Photography, Printing & Stationery 648,882 455,105 Telephone & Internet Bill 128,297 133,246 Oce Maintenance 191,124 197,740 Oce Entertainment 100,497 70,844 Travel Expense 48,700 80,000 Service Charge 139,000 139,000 Generator Oil 58,805 81,225 9,289,346 8,257,186 20.00 Workshop /Seminar Expenses: Workshop Expenses (Dhaka) 1,994,788 847,516 Reg. Fees for Jakarta 4,199,496 - Reg. Fees for Bangkok 3,659,037 - Reg. Fees for Vienna 9,971,570 - Workshop Exps. for Hanoi, Vietnam - 10,294,880 19,824,891 11,142,396
88 Annual Report 2017 Mahfel Huq & Co. Chartered Accountants
Amount in Taka 2017 2016 21.00 Expenses for APBF APBF Venue, Lunch, Dinner, Entertainment & Hospitality 5,013,845 - Printing & Stationery 428,940 - Crest/Gi 688,000 - Honorarium 130,000 - Video & photography 140,600 - Travel Expenses 439,765 - Transport Expenses 234,330 - Airport Protocol 29,500 - Miscellaneous Expenses 54,900 - Spellbound 3,300,000 - 10,459,880 22.00 Other Expenses : Municipality Tax / DCC Tax 50,523 50,523 Bank Charges 47,474 50,624 Bad Debts Expenses 22.01 - 90,000 Fees & Charges 78,206 - Contribution for Cancer Fund - 75,000 Contribution to BFTI 15,000 30,000 World Chembers Congress Sydney 731,083 - Advertisments 75,000 59,405 Crest/Gi 22,370 Donation 10,000 Video & CD - 8,300 Miscellaneous Expenses 45,000 22,100 1,074,656 385,952 22.01 Bad Debts Expenses Bata Shoe Co. BD Ltd. - 20,000 Dr. M. Zahir & Associates - 50,000 GMG Airlines Ltd. - 20,000 - 90,000 23.00 Capital Receipts : Admission & Membership Fees 300,000 300,000 300,000 300,000 24.00 Revenue Receipts : Subscriptions 3,335,000 3,320,000 Registration fees for CDCS, CITF & CSDG 19,219,115 19,992,000 Advertisement 170,000 521,600 ICC Publications 16,112 8,400 UCP 600(BD) 9,600 3,800 Sales of ISBP 3,100 5,000 Sales of Incoterms 16,500 Sales of URBPO 3,200 - Rent 2,445,300 3,260,400 Interest on FDRs 4,540,887 8,465,529 Interest on STD 230,268 309,278 Miscellaneous Income 20,324 - 30,009,406 35,886,007
Annual Report 2017 89 Mahfel Huq & Co. Chartered Accountants
Amount in Taka 2017 2016 25.00 Conference & Other Receipts : Registration fees for Conference 12,993,337 - Registration fees for Workshops (Dhaka) 4,651,915 4,013,000 Reg.Fees for Bangkok 6,071,700 - Reg.Fees for Jakarta 7,150,000 - Reg.Fees for Vienna 11,073,166 - Reg Fees for Hanoi Workshop - 12,863,034 Advance Received From APBF & Others - 1,007,739 World Chambers Congress Sudney 732,973 - Commission from LIBF 2,197,843 - 44,870,934 17,883,773 26.00 Revenue Payments : Salary 7,463,469 6,608,084 Repair & Maintenance 191,124 197,740 Conveyance, Courier, Postage & Stamp 190,632 237,056 Electricity and Gas Bill 254,966 219,092 Oce Entertainment 100,497 70,844 Bank Charges 47,474 50,624 Newspaper & Periodicals 25,116 22,073 Photography, Photocopy, Printing & Stationary 648,882 455,105 Travel Expenses 48,700 80,000 Telephone and Internet Bill 125,013 142,754 Advetisement Expenses 75,000 59,405 Fees & Charges 78,206 - Audit Fees 90,000 70,000 Municipality Tax/DCC Tax 50,523 50,523 Gi 22,370 Donation 10,000 Service Charge 139,000 139,000 Miscellaneous Expenses 45,000 22,100 Generator Oil 58,805 81,225 9,664,777 8,505,625 27.00 Conference & Other Payments : Conference/Workshop 11,813,068 847,516 Contribution to ICC HQs 630,682 706,099 Contribution to BFTI 15,000 30,000 ICC Publications 606,500 654,500 Registration fees CDCS/CITF/CSDG 13,969,824 11,312,658 Workshop Exps. for Hanoi, Vietnam - 10,294,880 Workshop Exps. Jakarta Conference 4,199,496 - Workshop Exps. Bangkok 3,659,037 - Vienna Conference 9,971,570 - World Chambers Congress Sydney 731,083 - Donation for Nepal Earthquake 8,056,414 - Entertainment Meeting 831,119 734,234 Video & CD - 8,300 Advance Salary 200,000 57,500 Eqiuty Contribution to BIAC 1,250,000 1,250,000 Advance for APBF - 641,600 Oce Equipment - 127,525 55,933,793 26,664,812
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Annual Report 2017 91 ICC Bangladesh Executive Board 2016 - 2018
Mahbubur Rahman Latifur Rahman President Rokia Afzal Rahman Vice-President Vice-President
A. H. Aslam Sunny A. K. Azad A. S. M. Quasem Aab ul Islam
Anwar-Ul-Alam Chowdhury Kutubuddin Ahmed Mahbubul Alam Md. Fazlul Hoque (Parvez)
Md. Siddiqur Rahman Mir Nasir Hossain Rashed Maksud Khan Barrister Ra que-ul-Huq
Shehzad Munim Sheikh Kabir Hossain Tapan Chowdhury
92 Annual Report 2017 About the International Chamber of Commerce (ICC)
ICC is the world business organization, a representative body that speaks with authority on behalf of enterprises from all sectors in every part of the world.
e fundamental mission of ICC is to promote open international trade and investment across frontiers and help business corporations meet the challenges and opportunities of globalization. Its conviction that trade is a powerful force for peace and prosperity dates from the organization’s origins early in the 20th century. e small group of far-sighted business leaders who founded ICC called themselves “the merchants of peace”.
ICC has three main activities: rule setting, arbitration, and policy. Because its member companies and associations are themselves engaged in international business, ICC has unrivalled authority in making rules that govern the conduct of business across borders. Although these rules are voluntary, they are observed in countless thousands of transactions every day and have become part of the fabric of international trade.
ICC also provides essential services, foremost among them the ICC International Court of Arbitration, the world’s leading arbitral institution. Another service is the World Chambers Federation, ICC’s worldwide network of chambers of commerce, fostering interaction and exchange of chamber best practice.
Business leaders and experts drawn from the ICC membership establish the business stance on broad issues of trade and investment policy as well as on vital technical and sectoral subjects. ese include nancial services, information technologies, telecommunications, marketing ethics, the environment, transportation, competition law and intellectual property, among others.
ICC enjoys a close working relationship with the United Nations and other intergovernmental organizations, including the World Trade Organization, the G20 and the G8.
ICC has direct access to national governments through its global network of national committees consisting of ICC member companies, business associations and chambers of commerce. is network represents ICC at the national level by acting as a liaison between ICC’s Paris-based international secretariat and ICC members. e ICC network also formulates the views of the business community in respective countries on issues dealt with by ICC. ICC’s international secretariat provides business views to intergovernmental organizations on issues that directly a ect business operations. More than 2,000 experts drawn from member companies feed their knowledge and experience into cra ing ICC positions.
ICC was founded in 1919. ICC champions open cross-border trade and investment, the market economy system and global economic integration as a force for sustainable growth, job creation and prosperity. ICC’s global network comprises over 6.5 million companies, chambers of commerce and business associations in more than 130 countries. International Headquarters National Secretariat 33-43 Avenue President Wilson Suvastu Tower (6th Floor), 69/1, Pantha Path 75116 Paris, France Dhaka- 1205, Bangladesh, Fax: +880-2-964 1287 Tel: +880-2-964 1286, +880-2-967 66 98 Tel : + 33 1 49 532828 E-mail: [email protected] Fax : + 33 1 49 532859 Website: www.iccbangladesh.org.bd Website: www.iccwbo.org